Listed UK-Irish housebuilder Abbey has announced a pre-tax profit of £34m* for the 12 months to 30 April, up from £26m the previous year.
Abbey made the profit from a turnover of £123.9m, up 17% on the 2002 results.

In his statement, chairman Charles Gallagher said that the company expected a strong year despite a faltering economy: "Trading in the new year is progressing at a reasonable level. Background conditions are less positive than for some time, but our good forward orders position, particularly in Ireland, means that prospects for this trading year remain good."

The company's dominant division, housebuilding, completed 730 sales last year, generating an operating profit of £107m.

Of these, 454 were in the UK and 276 were in Ireland.

Gallagher said that although the housing market has cooled, the Irish operation had a strong second half of the financial year. He added: "The division is hoping to complete more homes this year with all the growth likely to be in our Irish operation." He said that in the fourth quarter the UK market was "significantly slower" than in the same period last year.

At the year-end, Abbey held land holdings with planning permission or resolution to grant planning permission that could provide 2368 units – approximately three years' output.

*All financial figures have been converted from euros – which were used in Abbey's results announcement to the London Stock Exchange - using the prevailing exchange rate on Monday 21 July.