3 Oct 2008 10:30

AGM Statement
CHAIRMAN'S REMARKS TO SHAREHOLDERS AT AGM
ABBEY CURRENT TRADING
Ladies and Gentlemen, welcome to theĀ 71stĀ Annual General Meeting of Abbey plc. Before commencing the formalities this morning, I wish to make a brief statement about current trading.
Trading in the early months ofĀ theĀ new yearĀ has proved difficult, however, recent weeks have seen some slight improvement as the autumn selling season gets underway.
In southernĀ EnglandĀ reasonable activity is being drivenĀ by aggressive price reductionsĀ in a fast falling market.
In Ireland our recent launch of the second phase in Holywell, Kilcoole, Co Wicklow has being very well received with a good level of forward sales being achieved.
Overall, the Group is trading profitably, (before anyĀ inventoryĀ adjustments), and is hopeful that theĀ greatestĀ extent of the market downturn will soon be behind us.
Charles H GallagherExecutive Chairman
ENDS
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