Irish cement-maker Readymix PLC said that its underlying profit has slipped 23% in the first half of the year, and warned that its cost reduction program is proceeding slower than it had expected.
Trading profits excluding property disposals were at EUR7.6m, down 23%, while group turnover increased by 2.9%.
Readymix said that despite the higher volumes, in the Republic of Ireland trading profits were broadly flat, reflecting the continuing impact of the competitive pricing environment, and rising input costs.
It added that progress on the implementation of a group-wide programme aimed at reducing costs and improving margins has been slower than expected.
However, it said it is ’confident that the correct actions are being taken to restore the financial performance of the group to acceptable levels in the medium term.’