House building group Abbey has warned that the deteriorating economic and political environment will adversely affect its business.
Speaking at today's AGM, chief executive Charles Gallagher said that while lower interest rates would help in the medium term, falling confidence in recent weeks would negatively impact the business.
He said the company was working to make up ground lost in the first half of the year, where the company saw significantly lower completion rates due to delayed starts on the number of important sites.
However Gallagher concluded that the company was still in a strong position and its prosects were good.
Abbey shares fell almost 10% today to three euros - a fall of 32 cents.
