Abbey to meet profit expectations

Date: Friday 08 Jan 2010

Legal and professional fees insurance products and services provider Abbey Protection says that profits will be in line with expectations even though investment income has fallen.

Chief executive Colin Davison says that this “showed the resilience of the underlying business models”. Rising levels of unemployment are likely to increase the claims frequency. Strong risk management controls have helped the company.

Daniel Stewart forecasts an improvement in profits from £8.3m in 2008 to £8.6m in 2009. It also expects a total dividend of 3.8p a share. At 73p a share, the yield is 5.1%.

The 2009 figures will be published on 24 March.

Profits of £9.4m are forecast for 2010.

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