House builder Abbey has reported a fall in profits for the six months to the end of October, and warned that a tough year lies ahead.
The company said pre-tax profits were €18.2m, compared with €22.6m in the same period a year earlier.
The company's house building division completed 408 sales - 278 in the UK and 130 in Ireland.
Abbey said market conditions in England were satisfactory in the period, but had become 'steadily more difficult' in recent weeks. It said house completions for the full year were likely to be ahead of the previous year.
But it warned that underlying trading conditions had been deteriorating and the following year 'may well be a very poor trading period'. Abbey referred in particular to tighter credit conditions which had affected mortgage markets.
House building profits were €15.4m, while profits in Abbey's UK plant hire business were €1.6m. A dividend of 12 cent will be paid.
