Abbey Shareholders Told Revamp Is On Track Despite Low Profit Forecasts

Summary

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Banking group Abbey National said its restructuring remained on track despite forecasts of lower than expected profits at its core business.

The company, which is attempting to recover from two years of heavy losses, yesterday told shareholders that further pressure on margins had left first quarter profits in personal finances slightly lower than the second half of 2003.

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Abbey Shareholders Told Revamp Is On Track Despite Low Profit Forecasts

That has caused the outlook at the company's core high street business to be 'moderately weaker' than originally expected. However, Abbey said it woul...

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