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Abacus man cuts stake

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Date: Thursday 07 Dec 2006

LONDON (ShareCast) - Patrick Journo, board member and managing director, Displays at electronic components distributor Abacus, has sold 200,000 shares in the group at 184.61p.

The founder and chief executive of Axess Technology, which Abacus acquired earlier this year, pocketed £369,000 from the deal and now holds 722,470 shares, or 0.99% of the company.

Recent full year figures at Abacus showed gross profits jumped 48% to £64.7m before exceptionals on turnover up 44% to £257m.

The shares have done well during the past 12 months, rising from just 100p in December last year to 184.75p each at Thursday’s close.