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Abbey half year profits well ahead

By BFN News | 08:27 AM | Friday 05 December, 2014

Abbey has reports a profit before taxation for the six months to October 31 2014 of �?¬16.99m. In the same period last year the profit was �?¬7.65m. Profits at the operating level were �?¬16.53m, compared to �?¬6.32m at the half way stage last year. Its housebuilding division completed 225 sales (UK 205; Ireland 15; Czech Republic 5). Trading in the UK was good throughout the period with strong margins that the company believe should be sustained into the next half year. Forward sales are particularly encouraging. M & J Engineers, its UK plant hire business, generated operating profits of �?¬1.39m on a turnover of �?¬9.44m. This was a strong out-turn and the improvement in turnover is being sustained into the second half. Rental income for the period amounted to �?¬448,000. Abbey has reported that the immediate outlook is positive. Its sales in South East England continue to be strong. In the medium term prospects are more uncertain, however, for this year the Group is on track for a good result. At 8:27am: (LON:ABBY) Abbey PLC share price was +10p at 865p Story provided by

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