Housebuilding group Abbey flags decline in operating profit

Irish housebuilding group Abbey has said operating profit for its latest financial year will be down on the previous 12 months and has given a mixed outlook for the current year.

In a trading update ahead of the publication of its latest annual results in early July, the Co Meath-based company - which builds in Ireland, the UK and the Czech Republic - said turnover for the 12 months to the end of April was ahead of the previous year, but lower margins mean operating profit will be lower than the preceding year.