Irish property company Abbey reported a fall in pre-tax profit for the year to end April 2001 but said trading in the new financial year had got off to a good start.

The property developers, which caters mainly to the first time buyer market, built 444 houses in Britain and 212 in the Republic last year and expected to see an increase on that number this year.

Results for the year to April showed a fall in profit before tax to #36.3 million from #37.9 million on turnover of #151.1 million, up from #142.1 million.

Abbey shares rose 8.0 cents to #3.78 on the Irish Stock Exchange yesterday. So far this year Abbey's share price is up almost 17 per cent.