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Abbey pre-tax profits fall

By BFN News | 09:33 AM | Thursday 11 July, 2013


Abbey posts pre-tax profits of �?¬10.9m for the year to the end of April - down from �?¬12.1m in the previous year. After a tax charge of �?¬3.5m the group made a profit of �?¬7.4m reflecting earnings per share of 34.50 cents. Group operating profits during the year were �?¬8.3m against profits of �?¬9.1m in the previous year. The current year result includes an impairment charge of �?¬3.5m against property land and work in progress arising from the continuing difficult Irish and Czech Republic markets. Dividends of 8 cents per share, absorbing �?¬1.7m were paid during the year Abbey says its housebuilding operations completed 368 sales (UK 322; Ireland 35; CZK 11) with a turnover of �?¬84.4m generating an operating profit of �?¬6.5m. Trading in the UK was, overall, encouraging during the period. Sales benefited from gradually improving conditions in the spring. Abbey says prices continue to be competitive and margins are variable across our developments. It says the current year got off to a fair start with sales in the first few weeks at a good level. At 9:33am: (LON:ABBY) Abbey share price was +1.75p at 753.25p Story provided by StockMarketWire.com

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