Irish housing boom boosts Readymix

Irish housing boom boosts Readymix
Published: 26 February 2004

Readymix, the Irish cement producer that is 62 per cent owned by RMC, reported a 4.2 per cent increase in pre-tax profits for 2003, helped by record levels of housebuilding in the Republic.

The company, which last year rejected an offer from Kilsaran, a rival Irish producer, made the most of a boom in the Irish housing market, where a total of 69,000 units were completed in 2003, against 57,000 the previous year.

This helped lift pre-tax profits from Eur21.6m (UK£14.5m) to Eur22.5m on sales up 10 per cent from Eur212m to Eur233.6m.

The strong performance in the housing market largely offset "another poor year" in the commercial and industrial sectors, with demand for office and factory space slowing down in line with the economy.