Housebuilder Abbey has reported pretax profits of €12.1m for the year to end of April 2012, an increase from the profits of €11.5m the previous year.
The company has operations in Ireland, the UK and the Czech Republic.
It said the results include an impairment charge of €1.3m against property land and work in progress from the continuing difficult Irish market.
Abbey said its housebuilding operations completed 310 sales last year - 255 in the UK, 37 in Ireland and 18 in the Czech Republic - which generated turnover of €57.8m.
It said its board has recommended a dividend of five cents per share.
The company said that trading in the UK continued to be ''tough'' with some discounts needed to maintain reasonable volumes. It added that the current year has continued in the same vein and prices across its operating area continue to be under pressure.
''The continuing recession with its impact on incomes and employment is a negative backdrop the market,'' the company noted.
Abbey said that significant progress has been made in clearing inventory in Ireland with its project in Kilcoole in Co Wicklow selling ''steadily''. But the lack of mortgages at its site in Laois has meant that it has chosen to rent a significant number of properties pending their sale.
Rising legal and planning costs have pushed the company's operations in Prague into a loss and the company has resorted to renting some properties pending their sale.
Abbey chairman Charles Gallagher said that the outlook for the year ahead is for significant growth in turnover as the UK business responds to increased investment.
''Increased turnover, however, is unlikely to be matched by a similar increase in profits as margins are traded to secure some sales growth,'' he added.
''Competition for profitable land opportunities is intense. The external environment remains very uncertain and further setbacks can not be discounted, however, all things being equal, the group's plans are on track,'' he said.
