AGM Statement

3 Oct 2008 10:30



AGM Statement

CHAIRMAN'S REMARKS TO SHAREHOLDERS AT AGM

ABBEY CURRENT TRADING

Ladies and Gentlemen, welcome to the 71st 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 of the new year has proved difficult, however, recent weeks have seen some slight improvement as the autumn selling season gets underway.

In southern England reasonable activity is being driven by aggressive price reductions 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 any inventory adjustments), and is hopeful that the greatest extent of the market downturn will soon be behind us.

Charles H GallagherExecutive Chairman

ENDS