Abbey warns of crumbling profits

Shares in Irish property developer Abbey (LON:ABBY) were down by 4.45% to 1,304.20p at 15:15 BST after the company announced that operating profits for the year ended 30^th April would be below those for the prior year due to tightening margins.

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The company said that revenues had held up well and the number of house sales was up in total, though sales outside the UK dropped. Management believe that the current forward sales position is strong and believe that they will once again be able to increase sales during the current financial year.