Shares in the housebuilder fell this morning after the group warned of rising costs and “uncertain external conditions”.
The group released a trading update on Friday, revealing pre-tax profit rose to €23.93 million from €23.42 million a year earlier.
Abbey’s first half results showed a 22% year-on-year increase in sales from €90.4 million to €110.7 million.
Group chairman Charles Gallagher said: “While we remain confident that our UK futures sales position will deliver a reasonable result this year, the continued uncertain external environment is a cause for concern.” Ta.
“The group will continue to pursue all its activities, but will be cautious about new investments in the coming months,” he added.
The group said in a statement: “Trade in the UK has remained strong over the last six months. As previously communicated, margins have fallen in line with our expectations. Futures sales also remain strong, particularly for first-time buyers. Projects targeted directly to buyers are selling well. Production continues to be affected by tight labor and materials markets, resulting in some delays.”
ABBY (LON: ABBY) share price is trading 5.43% lower at 11:12GMT.
In other real estate news, homebuilder Berkeley Group (LON:BKG) announced on Friday that it is raising its profit outlook for this year by more than 5%.
This is despite a pre-tax profit of £401.2m at the start of the year, down from £539.9m in the same period last year.
