Housebuilder Abbey has said that group turnover for the year to the end of April is ahead of last year.
But in a trading statement, Abbey said that lower margins means its full year operating profit will be lower than last year.
The company said the trend of falling margins seems set to continue in the current year, but added that forward sales for the group are "good".
Abbey completed 579 house sales during the 12 month period - 511 in the UK, 36 in Ireland and 32 in Czechia.
This compares with 606 house sales in the previous year - 524 in the UK, 75 in Ireland Abbey and seven in Czechia.