Housebuilder Abbey has warned that its operating profits for the year to the end of April will likely be "at least" in the region of 35% lower than last year.
In a trading update, Abbey said it completed 490 house sales - 405 in the UK, 57 in Ireland 57 and 28 in Czechia during the 12 month period.
This compares to 579 house sales last year (UK 511, Ireland 36, Czechia 32).
Abbey also said that group turnover for the year would be about 20% lower than last year, adding that fixed costs together with lower margins and a very weak plant hire result would hit its operating profits.
Looking ahead, Abbey said that limited production consistent with official guidance is now resuming at its UK building projects.
It said this production is focussed on the early completion of existing work in progress and is intended to maximise short term cash flow.
For the time being no new projects are been started, it added.
Production in Ireland is set to resume on May 18 and in Czechia, limited work has continued throughout the lockdown, the company added.
It noted that forward orders across the division are in excess of 300 homes.
Abbey said its short term outlook is critically dependent on an early easing of the lockdown and a resumption of normal sales activity, but added that its medium term outlook is unclear.
