Housebuilder Abbey has reported pre-tax profits of €49.1m for the year to the end of April, up from €24.1m the previous year, as it said its short term outlook is good. .
The company said its group operating profits for the year came to €46.3m compared to €20.4m the previous year.
Its board has recommended a dividend of seven cents per share for the year.
Abbey said its housebuilding operations completed 557 sales during the year, generating a turnover of €152.7m
It built a total of 514 house in the UK, 27 in Ireland and 16 in the Czech Republic.
The company said trading in the UK has been "buoyant" throughout the year, with brisk sales supported by the UK government's "Help to Buy" scheme.
In Ireland, Abbey reported slow but steady progress.
It said its Lucan project was successfully launched in the spring and is progressing well. New projects in Delgany in Co Wicklow and Cornelscourt in Co Dublin will enter production imminently.
It said that further projects are being actively sought to drive faster recovery, adding that its projects in Co Laois and Co Kildare remain on hold pending some improvement in local demand.
"For the time being the strong improvement in the housing market remains most apparent in Dublin," Abbey noted.
Abbey said its short term outlook is good and it is targeting a significant increase in turnover this year.
However, it said its longer term outlook is more uncertain.
"House prices in the UK now reflect the easy money conditions of the last two years and may struggle to advance rapidly in an environment of rising interest rates and possibly lagging wage growth," the company said.
It said that costs impacted by both labour and material supply bottle necks may continue to rise quickly.
"The sweet spot of the UK cycle is probably behind us," it stated.
However, Abbey said that in Ireland the medium term prospects seem brighter. But it cautioned that the weight of speculative money chasing relatively few opportunities will temper returns.
Shares in Abbey moved sharply higher in Dublin trade today.
