Rising costs push Readymix profits down 23%
Profits at building materials group Readymix fell by 23% in the six months to June 30, compared to the same period last year.
Profits (excluding property disposals) were €7.6m, compared to €9.8m last year. Turnover, at €125.3m, increased by 2.9% compared to the first half of 2004.
In Ireland, higher volumes were offset by the effects of competitive pricing and rising costs. In the North, profits were slightly down on last year, due principally to lower volumes and profits in the concrete products business.
Delays in the start up of a number of infrastructure projects caused a sharp decline in profits in the group's Isle of Man operations. These projects are now underway, Readymix said today.
Readymix sold its disused quarry at Aughrim, Co. Antrim for €20m last month. The proceeds will be used to reduce company debt.
