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