"While it is still early in the year, if present market conditions persist it is likely to result in the group's earnings performance being appreciably behind the 2007 outcome," the firm said.

In 2007, profit before tax was €;224, 21% up on the €;185.2m in 2006. Turnover rose by 27.5% to €;1.86bn. Gross margins fell to 30.2% from 31.2%, with the margin in off-site and structural products down sharply reflecting a significant fall-off in sales in Ireland in the second half of the year.