1st Jun 2018 09:36
LONDON (Alliance News) - Abbey PLC said Friday it expects operating profit for its most recently ended financial year to fall short on the year before's on the back of lower margins.
The company, primarily focused on residential housing development in the UK, Ireland and Prague, said it expects revenue for the year to April-end to be at similar levels to the prior year, however lower margins will lead to a drop in operating profit.
For the year to April 2017, the company reported operating profit flat year-on-year at EUR60.8 million, with revenue at EUR216.5 million, falling from EUR220.6 million.
In its recently ended financial year, the company sold 606 houses in the UK and Ireland versus 586 the year before.
Forward sales were "satisfactory" and the company said the housing division is set to build and sell more houses in its year ahead.
Abbey shares were trading 0.3% higher at 1,369.60.
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