Housebuilding division of Anglo-Irish group contributes to 拢3.7m pre-tax profit but plant hire business makes a loss

Anglo-Irish housebuilder Abbey made a pre-tax profit of 鈧�3.6m (拢3.27m) in interim results for the six months ending 31 October. The figure compares with a loss of 鈧�5.39m for the same period last year.

Abbey鈥檚 housebuilding division generated a profit of 鈧�2.54m on a turnover of 鈧�36.27m, completing 222 unit sales.

The firm said that market conditions in England had improved during the first half of the year and that it had a good level of forward sales in the second half.

However, M & J Engineers, the group鈥檚 plant hire business made a 鈧�395,000 loss on a turnover of 鈧�5.15m, which the board called 鈥渄isappointing鈥� and said that it expected further 鈥渟ubstantial loss鈥� in the second half.

Abbey warned that government attempts to cope with public debt in the near future would make profits and growth 鈥渉ard won for the foreseeable future鈥� and added that prospects for the group continued to be 鈥渄ull.鈥�

At the end of the period, the firm had 鈧�41.10m in cash and restricted cash with 鈧�51.79m in UK and Irish government debt.

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