Abbey profits fall 5% to E57.3m

David Clerkin

Profits for the year to April fell from E60.2 million to E57.3m despite a minor increase in revenue, which climbed 3% to E207m. Shares fell around 2.5% on the news.

Executive chairman Charles Gallagher said trading in Britain, which accounts for around half of Abbey’s housebuilding activity, was “sluggish” and that sales had failed to meet expectations. He predicted profits in the year ahead would be lower.