Profits boost for Readymix
Concrete products company Readymix has reported a 148% jump in pre-tax profits to €32.3m for the year to the end of December 2005, up from €13m in 2004.
Profits were boosted by the sale of a disused quarry in Co Antrim for €20m.
Sales for the year came to €248.1m, just marginally higher than the 2004 sales figure of €247.5m.
Operating profits for the group, excluding property disposals and rationalisation costs at €13.23m were 4.6% lower than the €13.87m seen in 2004. The figures were also below expectations.
Earnings per share were up 129% to 22.68 cent, up from 9.92 cent in 2004, while the dividend per share was flat at 7.05 cent.
Regarding Readymix's future the statement read: "The outlook for the Republic of Ireland remains positive.
"Public capital investment and a strong labour market are expected to underpin levels of activity in Northern Ireland and the Isle of Man.
"The momentum of change across the business is now firmly established and the board is confident that the actions that have been taken and the plans that are being implemented will result in a significant improvement in financial performance during 2006."
