Abbey warns on slump in sales

12 April 2012

ABBEY NATIONAL today joined the flood of financial services groups warning that recent sales of investment products had fallen off a cliff. Since February, 'significantly lower investment product sales have been recorded', said chairman Lord Burns.

In a trading statement issued ahead of the annual meeting, Burns blamed uncertain times for denting investor confidence. He also apologised again for the poor performance of the group, which reported a £984m pre-tax loss and slashed the dividend two months ago. The loss was extremely unsatisfactory, he said.

Good progress had been made in 2003 in implementing the new strategy, which returns Abbey to its roots as a personal financial services business and ends its disastrous flirtation with junk bonds.

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