Company Profile

ABBEY PLC HAS CONFIRMED THAT IT HAS RECEIVED A CASH OFFER. AS ADVISOR TO THE COMPANY ON THE TRANSACTION, DAVY IS DEEMED TO BE AN ASSOCIATED PARTY AND WE HAVE THEREFORE DISCONTINUED THE PUBLICATION OF RESEARCH AND FORECAST INFORMATION AT THIS TIME. Abbey is a UK-headquartered, Irish-registered business that specialises in housebuilding for the first-time-buyer market. The group has successful operations in the south of England and around the Dublin region in Ireland. It also has a small UK-based plant hire business. The UK accounts for circa 90% of annual turnover, and housebuilding in Ireland and the Czech Republic accounts for the remainder. In total, housebuilding accounts for over 85% of Abbey's profits. Abbey has traditionally been associated with the Gallagher family. The executive chairman is Charles Gallagher, and Gallagher Holdings Limited owns just over 75% of the share capital. Although Abbey is a small operator compared to most of its quoted UK peers, the group's operating margins are amongst the best in the industry. Abbey also has strong asset backing and has been cash positive for many years.