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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Abbey Plc | LSE:ABBY | London | Ordinary Share | IE0000020408 | ORD EUR0.32 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1,600.00 | 1,500.00 | 1,700.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
tRNS Number:9719T Abbey PLC 08 January 2004 ABBEY PLC INTERIM STATEMENT The Board of Abbey plc reports a profit before taxation of Euro28.81m which compares with a profit of Euro21.18m for the corresponding period last year. Profits at the operating level were Euro28.39m as compared to Euro20.42m at the half way stage last year. Our housebuilding division completed 354 sales (UK163; Ireland 191) with a turnover of Euro81.52m generating an operating profit of Euro26.17m. Firm prices supported margins on our UK activities compensating for lower volume. As indicated at the year end Ireland is enjoying a very strong year. Looking forward, the housing division is on course for significantly more sales in the second half. During the period the company added 361 plots with planning permission to its approved land bank. In addition contracts are exchanged for the purchase of an additional 350 plots subject to the grant of all necessary consents. Joint venture turnover arising from plot sales at our development in Clonsilla, Co. Dublin totalled Euro1.5m generating an operating profit of Euro981,000. M & J Engineers, our UK plant hire business, generated operating profits of Euro1.12m on a turnover of Euro9.88m. Trading hit a soft spot in the autumn taking the shine off an otherwise reasonable start to the year. A slight improvement in recent weeks suggests a reasonable result for the year can still be achieved. Rental income for the period amounted to Euro116,000 for the half year. The Group held substantial cash balances at the end of October albeit somewhat lower than a year ago. Cash is earmarked for the replenishment of trading stocks to maintain and grow our business. The Board is pleased to declare an interim dividend of 10 cents per share. The dividend is covered 6.5 times. This dividend will be paid on 18th February 2004 to shareholders on the register at 16th January 2004. Overall, the Group is in good shape and confident of a satisfactory outcome for the year. On behalf of the Board. Charles H Gallagher - Chairman 8th January 2004 GROUP PROFIT AND LOSS ACCOUNT Unaudited 6 months ended Audited Year ended 31/10/2003 31/10/2002 30/04/2003 euro'000 euro'000 euro'000 Turnover - 93,024 88,111 174,806 continuing (including share of joint venture) Less: share of (1,507) (912) (2,831) joint venture Group turnover 91,517 87,199 171,975 Operating costs (64,102) (67,458) (126,649) Group operating 27,415 19,741 45,326 profit- continuing Share of joint 981 683 1,850 ventures operating profit Trading profit, 28,396 20,424 47,176 including share of joint venture Net interest 417 763 1,287 receivable Profit on ordinary 28,813 21,187 48,463 activities before taxation Estimated taxation (6,680) (5,737) (11,787) on profit on ordinary activities Profit 22,133 15,450 36,676 attributable to shareholders Dividends paid - - (2,556) Dividends proposed (3,408) (2,556) (4,941) Retained profit 18,725 12,894 29,179 Earnings per - 64.95 c 45.34 c 107.62 c share basic and diluted SEGMENTAL ANALYSIS Turnover Building and 83,023 77,600 154,209 property development Plant hire 9,885 10,390 20,362 Property rental 116 121 235 93,024 88,111 174,806 Less: share of (1,507) (912) (2,831) joint venture 91,517 87,199 171,975 Net Assets Building and 113,987 79,399 104,108 property development Plant hire 26,619 29,241 26,225 Property rental 741 802 727 141,347 109,442 131,060 Investment in 2,265 546 1,480 Joint Venture Dividends proposed (3,408) (2,556) (4,941) Investments 7 8 7 Cash at bank 39,903 45,831 31,568 180,114 153,271 159,174 GROUP BALANCE SHEET Unaudited Unaudited Audited 31/10/2003 31/10/2002 30/04/2003 euro'000 euro'000 euro'000 Fixed Assets 30,202 34,050 30,071 Investment in joint venture 2,265 546 1,480 32,467 34,596 31,551 Current Assets Stocks 154,713 123,380 141,576 Debtors 10,880 8,983 9,604 Other investments 7 8 7 Cash at bank and in hand 39,903 45,831 31,568 205,503 178,202 182,755 Creditors (amounts falling due within one year) Trade and other creditors (57,092) (58,779) (54,382) Net current assets 148,411 119,423 128,373 Total assets less current 180,878 154,019 159,924 liabilities Provisions for liabilities and charges Deferred taxation (764) (748) (750) 180,114 153,271 159,174 Shareholders' Funds Called up share capital 10,905 10,905 10,905 Share premium account 13,321 13,321 13,321 Revaluation reserve 4,823 5,167 4,746 Other reserves Capital redemption 1,478 1,478 1,478 reserve fund Currency translation (228) 7,588 (2,366) Profit & loss account 149,815 114,812 131,090 180,114 153,271 159,174 Notes 1) The above summarised consolidated balance sheet and consolidated profit and loss account do not constitute full accounts and except where indicated are unaudited. Full accounts for the year ended 30 April 2003 which received an unqualified report, have been filed with the Irish Registrar of Companies. 2) An interim dividend of 10 cent per share will be paid on 18th February 2004 to ordinary shareholders on the register at 16th January 2004. 3) A copy of this statement will be circulated to shareholders on Friday the 16th of January 2004. Copies are available to members of the public at the company's registered office, 25/28 North Wall Quay, Dublin 1. Unaudited 6 months ended Audited Year ended 31/10/2003 31/10/2002 30/04/2003 euro'000 euro'000 euro'000 GROUP CASH FLOW STATEMENT Net cash inflow from 20,055 20,860 19,279 operating activities Returns on Investment 417 763 1,287 and Servicing of Finance Corporation Tax Paid (5,448) (4,482) (11,365) Capital Expenditure Purchase of tangible (3,336) (6,567) (9,258) fixed assets Sale of tangible fixed 1,284 1,761 2,936 assets (2,052) (4,806) (6,322) Equity Dividends Paid (4,941) (4,601) (7,157) Net cash inflow (outflow) before use of liquid resources 8,031 7,734 (4,278) Management of liquid (13,096) (10,093) 9,264 resources (Decrease) increase in (5,065) (2,359) 4,986 cash RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS (Decrease) increase in (5,065) (2,359) 4,986 cash in the period Cash flow from increase 13,096 10,093 (9,264) (decrease) in liquid resources Translation difference 304 (559) (2,810) Movement in net funds 8,335 7,175 (7,088) in the period Opening net funds 31,568 38,656 38,656 Closing net funds 39,903 45,831 31,568 RECONCILIATION OF OPERATING PROFIT TO NET CASH INFLOW FROM OPERATING ACTIVITIES Operating profit 27,415 19,741 45,326 Depreciation 2,957 2,894 6,511 Profit on disposal of (545) (530) (920) tangible fixed assets Translation adjustment - (902) 91 Increase in stocks (11,306) (9,391) (37,620) Increase in debtors (1,112) (1,172) (2,660) Increase in creditors 2,646 10,220 8,551 Net cash inflow from 20,055 20,860 19,279 operating activities Unaudited 6 months ended Audited Year ended 31/10/2003 31/10/2002 30/04/2003 euro'000 euro'000 euro'000 STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES Group Profit for the 22,133 15,450 36,676 financial period including share of joint venture Exchange translation 2,215 (2,496) (12,878) adjustment Total recognised gains and losses related to the period 24,348 12,954 23,798 RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS Group Profit for the 22,133 15,450 36,676 financial period Dividends (3,408) (2,556) (7,497) Profit retained for the 18,725 12,894 29,179 financial period Exchange translation 2,215 (2,496) (12,878) adjustment Net addition to 20,940 10,398 16,301 shareholders' funds Opening shareholders' 159,174 142,873 142,873 funds Closing shareholders' 180,114 153,271 159,174 funds - FINANCIAL DIARY - Interim Statement : 8th January 2004 Interim Dividend Payment : 18th February 2004 Preliminary Statement : July 2004 Annual Report : September 2004 Annual General Meeting : October 2004 8th January 2004 This information is provided by RNS The company news service from the London Stock Exchange END IR ILFVRLRIDIIS
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