Anglo-Irish housebuilder Abbey has reported a loss of €54.4m (£46.7m) for the year ending 30 April, which compares to a profit of €16.8m in 2008

Its results were hit by land writedowns of €58.1m. It sold 467 homes last year compared with 716 the previous year (338 in the UK and 129 in Ireland). Turnover fell 52% from to €180.3m to €85.7m. A company statement said: “The outlook is unclear.”