LONDON (Alliance News) - Abbey PLC on Monday said it expects annual revenue to be ahead of last year but warned on lower operating profit due to falling margins.
For the year ended April 30, the construction firm expects revenue above last year's EUR196.5 million, however it did not specify by how much.
Lower margins recorded during the year will mean that operating profit will come in "lower than last year", Abbey warned. A year ago, operating profit was EUR60.8 million.
"This trend of falling margins seems set to continue in the current year. Forward sales for the group are good," the company concluded.
During the year, Abbey completed the sale of 579 houses, of which 511 in the UK, 36 in Ireland and 32 in the Czech Republic. This compares with a total of 606 house sales a year ago.
Abbey will publish its annual results in the week starting July 8.
Abbey shares were untraded on Monday at 1,220.00 pence each.
