Abbey profits fall

Pre tax profits fell by more than 25 per cent at Abbey last year. The house builder and property group saw its pre profits dive by 26 per cent, from £8,365,000 to £6,223,000, in the year ended April 30th last.

Abbey chairman, Mr Charles Gallagher, said yesterday that the company hopes to reverse the slump this year. Forecasts of accelerated British growth "are a source of encouragement," he said.

The Irish operations were expected to continue to grow strongly and the British operations should go on a recovery path. However, he stressed that this would be tempered by the continuing difficulties facing its plant hire activities.