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Abbey on track to match 'or perhaps better' 2019 interim performance

Fri, 2nd Oct 2020 09:41

(Sharecast News) - Building and property development firm Abbey said on Friday that trading over the summer had been "good", with the group now on track to "match or perhaps better" last year's first-half results.
Abbey said trading in Southern England had been buoyed by Downing Street's "Help to Buy" programme and the recent cut to stamp duties.

In Ireland, the AIM-listed group said sales activity was "running ahead" of 2019 and stated interest in its future developments had been stimulated by the Government's support for first time buyers.

While Abbey said it could potentially top its 2019 interim results, the group stated that for the year as a whole the outlook was "less clear" with the significant restriction of the UK "Help to Buy" programme and the increase to stamp duty planned for April 2021 both being sources of uncertainty.

"Overall, the group is hoping for a satisfactory full-year outcome," concluded Abbey.

As of 0940 BST, Abbey shares were up 5.08% at 1,550.0p.

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