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
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