Housebuilder Abbey has reported a dip in pre-tax profits for the six months to the end of October but said it is on course for a "fair outcome" for the year.

Abbey said its profit before taxation for the six month period came to €21.59m, down from €23.93m the same time last year.

The company said its housebuilding division completed 293 sales - 233 in the UK, 36 in Ireland and 24 in Czechia.

This gave the company a turnover of €92.54m, which resulted in an operating profit of €19.99m. 

Abbey noted that trading in the UK has been satisfactory over the past six months.

It said that margins held up well on a reduced turnover, which reflected a higher proportion of affordable homes in its sales mix.  

Abbey said that UK market conditions are "patchy" with lower priced homes proving most saleable. 

"There is still much work to do in the last quarter and as is usual any setback can significantly impact our results," it added. 

In Ireland, Abbey said that work is progressing on five projects. It reported "good" sales said it was expecting further positive progress over the next few months.

In Prague, work is continuing in Přezletice and Horomeřice. A new project with an approved planning permit has been secured in Vinohrady and the building permit process is underway. 

"The group is on course for a fair outcome for the year. There is still considerable uncertainty in the outlook and trading conditions can change quickly," Abbey said. 

It added that it is "working hard" to increase its activity in Ireland.