Readymix FY pretax profit up 32 per cent

Readymix FY pretax profit up 32 per cent
Published: 02 March 2007

Irish cement maker Readymix PLC reported a 32 per  cent rise in full-year pretax profit, as a result of favourable economic conditions and a range of performance improvement initiatives. 
Pretax profit came in at EUR42.59m, compared with EUR32.26m last year, and operating profit rose 25 per cent to EUR41.78m. Operating profit before exceptional items went up 48.2 per cent to EUR19.57m. 
Revenue fell by 1.1 per cent to EUR245.37m, a decrease which Readymix said was in line with the cessation of the road surfacing business in the final quarter of 2005.
It said capital expenditure jumped 104 per cent to EUR16.6m, and continuing improvements in working capital increased cash flow from operating activities to EUR40.4m from EUR30.3m.