Construction and plant hire group Abbey plc yesterday reported a €12 million boost in pre-tax profits to €48.5 million for the year ended April 30th, 2003.

The group, which operates in the Republic and Britain, had a turnover of €174.8 million. This was €28.1 million ahead of revenues in 2002, which were €146.7 million. The turnover included €2.8 million from a joint venture into which it entered with Tower Homes in Clonsilla, Dublin, during the year.

The joint venture added €1.9 million to Abbey's operating profits of €45.3 million. The pre- tax profit figure of €48.5 million was a €12.3 million or 30 per cent increase on the company's 2002 pre-tax earnings of €36.2 million.

Earnings per share rose from 78.4 cents last year to 107.6 cents in 2003. The board recommended a final dividend of 14.50 cents a share, bringing the total for the year to 22.50 cents a share.

This would leave retained profits for the financial year at €29.2 million, up from €19.9 million last year. Shareholders' funds totalled €159.1 million at year-end, compared with €142.8 million in 2002.

House building remained the biggest contributor to revenues and profits during the year. The division sold 730 units, 454 in Britain and 276 in the Republic. It contributed €43 million to operating profits.

Abbey's UK plant-hire business, M&J Engineers, had a turnover of €20.4 million and operating profits of €2.1 million. Letting surplus property generated the balance of the group's earnings.

The company said yesterday that British house prices cooled during the final quarter of its financial year.