Bathroom suite supplier Qualceram became the latest Irish listed company to report a slowdown in consumer spending in the UK.
Group turnover in the first six months of the year fell from €52.9 million to €49.7 million while gross profit was also down from 17.6 million to €16.3 million.
Turnover in the UK fell 9.5 per cent to €25.1million as a result of intense price competition, a fall in the demand in the wholesale market and a weakening of the UK housing market, Qulaceram said.
In Ireland Qulaceram noted a moderation in the rate of construction activity and said recent the trend in new housing starts suggests that completions will decline over the next 12 months. However the company believes the decline in cooling of building boom will be offset by a spending spree as many SSIA holders are expected to invest in home improvements.
Looking forward, Qualceram said intensifying competition and weaker economic conditions will ensure trading will remain challenging in the UK market.