Abbey received notification on 6 January 2010 that SmallCap World Fund, Inc., a mutual fund under the management of Capital Research and Management Company, directly holds 985,000
ordinary shares representing 3.9997% of the Company's issued share capital. Voting authority in respect of these ordinary shares has been granted to Capital Research and Management Company.
End
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Abbey received notification on 5 January 2010 that SmallCap World Fund, Inc., a mutual fund under the management of Capital Research and Management Company, directly holds 985,000 ordinary shares representing 3.9997% of the Company's issued share capital.
End
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RNS Number : 5781D
Abbey PLC
04 December 2009
ABBEY PLC
Interim Statement for the Six Months Ended 31 October 2009
The Board of Abbey plc reports a profit before taxation of EUR3.60m which compares with a loss of EUR5.39m for the corresponding period last year. Profits at the operating level were EUR2.49m as compared to EUR5.88m loss at the half way stage last year.
Our housebuilding division completed 222 sales (UK 170; Ireland 49; Czech Republic 3) with a turnover of EUR36.27m resulting in an operating profit of EUR2.54m. Market conditions in England steadily improved over the period. We have entered the second half with a good level of forward sales. In Ireland we have enjoyed considerable success in clearing inventory. The second half has continued in the same vein and sales are being made at a steady rate. In Prague sales are slow. We continue to experience delays with likely cost implications on our project in Slivenec. Progress is gradual. Our project in Andel is off to a good start and the contractor here is currently on time. Overall the outlook for the second half is as usual very dependent on the strength or otherwise of the spring market, however, we are hopeful that a higher level of completions than that achieved in the first half will be attainable.
M & J Engineers, our UK plant hire business, generated operating losses of EUR395,000 on a turnover of EUR5.15m. In addition a gain of EUR89,000 resulted from the disposal of an M&J property. These figures are disappointing and no early improvement is likely. A further substantial loss is expected in the second half. The business remains cash positive and our capital employed is steadily declining.
Rental income for the period amounted to EUR252,000 for the half year.
The Group enjoyed good cash flow during the period and held EUR41.10m in cash and restricted cash together with EUR51.79m in UK and Irish government debt at the end of October. It is the Group's intention to invest these funds in fresh development opportunities as circumstances allow. During the reporting period no land purchase was entered into or completed. Since the balance sheet date a site for 60 plots in Cambridgeshire with planning permission has been purchased. Further land purchases have been agreed subject to contract.
Prospects for the Group continue to be dull. Although we expect modest profitability this year we cannot yet rule out the possibility of further stock losses in our Irish operations. Looking further ahead progress relies on successful restocking of our land bank and this seems likely to be a slow and difficult process. Many observers expect another significant reversal in the English housing market as UK authorities get to grips with their budget deficit after the general election. Whilst we are confident that low inventory will continue to provide some support to the UK market it seems common ground that profits and growth will be hard won for the foreseeable future. The Group's strong financial position allows us to move quickly to avail of any good opportunities.
Shareholders should carefully note the exchange rates used for this statement. The income statement uses the average exchange rate for the period of 100 cents: STG87.92p and 100 cents: CZK 2,595.87h. The balance sheet uses the rate prevailing on 31 October of 100 cents: STG 89.54p and 100 cents: CZK 2,651.90h.
Copies of this statement are available to shareholders and members of the public at the company's registered office, 25\28 North Wall Quay, Dublin 1.
On behalf of the Board
Charles H Gallagher - Chairman
4th December 2009
The Interim Results for the six months ended to 31 October 2009 can be accessed by clicking on the following link:
http://www.rns-pdf.londonstockexchange.com/rns/5781D_-2009-12-3.pdf
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END
IR ILFITFILVIIA
Abbey plc wishes to announce the appointment of Lorenzo G. Fraquelli, Managing Director, Abbey Developments Limited, as an executive director of the company. Mr Fraquelli had previously been a director of George Wimpey North London Limited from January 2002 to December 2006. Mr Fraquelli (age 51) holds no other directorships other than those within Abbey and its subsidiaries. There is no further information to be disclosed in respect of Mr Fraquelli as required by Schedule 2, Paragraph g, of the AIM and IEX rules for companies.
The Board of Abbey plc is delighted that Mr Fraquelli has accepted this appointment.
Charles H Gallagher
Executive Chairman
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Somebody (was it BoverBoy?) recco'd that globalstockdata.com site
Been looking at it for a while now and it's pretty impressive. They're clearly honest about their performance and the UK stock analysis seems pretty consistent.
Anyone else rate it?
I found your post fascinating, if only in that it provided a glimpse of a certain kind of mind. Would you mind clarifying the investment point you were making?
"A new estimate suggested house prices could fall more than 50% in the current downturn.
The latest forecast from Tradition Future HPI, which uses the futures market as a guide to where house prices are heading, is its grimmest to date. It predicts the average house price will fall to £114,347 by October 2011, a drop of 43% from the peak in August last year"
What has happened to this quiet man- still calm at a flatliner?
He is suddenly
in London,
er- Birmingham,
In London,
er- Washington-
In Whiteghall,
er Paris,
In London,
-er in Brussels-
- no in Scotland,
with open telecom channel to over 80 world leaders.
Atlas didn't shrug in the Commons again today...he rose over Brussels like The Golden Eagle.
This is the first time since World War II that the public have taken their eyes of Hollywood for 19 seconds.
Knowing that Europe is where the banking crisis will be solved, he recalled Mandelson...at a cost of 3 million Euro and a Baronetcy- to brief him on winning Europe over.
And suddenly the PM is all over, hammering and scything, urging and threatening, coaxing and demanding-, presiding, recalling, appointing, shuffling, issuing, requisitioning, earmarking, negotiating...sueing, seizing, making up when they cooperate!
In Brown's first PM's Questions he asked all 3 main parties to work togther with him to address the difficult times ahead.
He was jeered and booed, with shouts of "stop talking up a crisis there isn't one!"
He was right again.
But not for a mystical reason...he has studied the same subject since he did his PhD after losing his eye.
There can only be one reason he acts like this:
He ACTUALLY KNOWS WHAT THE PROBLEM IS (regulation) and how to solve it.
He has his bulldog teeth in the back of the bankers and he wont let go until he has shaken them into agreeing to the 2. point Brown plan which is
1.Regulate
&
2. Support
Regulate and Support! Regulate and Support! It might have been chalked on the shoes of John Wilkes' supporters.
He was ridiculed when he asked the USA to organise their banking system years ago, but now every world leader is soliciting his opinion and trying desperately to implement Brown's Plan.
When has there been a financial wizard in British history like this:
Only Pitt the Younger who stopped Britain collapsing by inventing compulsory income tax...this was copied by every nation in the world, as they are all copying Brown's Plan.
(“Roll up that map: it will not be wanted these ten years.”...Brown 'The future of the financial sector is going to be very different for some time')
Brown's Plan isn't something drawn on his shirt cuffs while lost at the Windsor banquet, it comes from decades of studying finance...even his PhD covered the run up to the great Crash of 1929).
That was exactly the same with Churchill (the greatest world expert in running a world war), with Pitt (who was trained to be PM like a Mozart by his dad) and with Wellington who trained for Waterloo over decades).
All 3 held the office Gordon Brown now holds.
He hasn't got to the top in UK because his is made of sugar candy.
He is hard. Tough - the quietness of his rugby player style is suddenly being understood by the British who are breathing again after holding their breaths.
There is a statue of Achilles erected outside the Duke of Wellington's London home ('1 London' when, another numerate Prime Minister, he invented street numbering) paid for by the women of Great Britain to Wellington & cast from the cannons won in the victories of Salamanca, Vittoria, Toulouse and Waterloo:
One cant rise without the fire-training of the Gladiator, and Brown has surely served apprenticeship.
It is soon for him though to carry the world's first ministers in a united effort to a world banking infrastructure, but it must have crossed people's minds as it did mine: is Britain rising after 63 years?
63 years in the course of a history is but a blip.
One cant lead by tyranny, only by service, insight and above all expertise, expertise, expertise.
The wars of today is one war against poverty, because with wealth everything is facilitated and the British have a world statesman before them who has trained like Wellington
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They have not been approved or issued by Interactive Investor Trading Limited.
