Readymix first quarter loss, Ireland

Readymix first quarter loss, Ireland
01 June 2010

Cement and concrete products group, Readymix, today announced a trading loss of EUR3.8m for the first quarter of 2010 ending on March 31.
That compares to a EUR 3.9m loss for the same period in 2009.
Revenues have fallen by 31 per cent compared to the same period last year.
This was partly driven by a drop in volumes across all products, it said. "However, in an exceptionally competitive market, prices across a number of our key product lines continue to significantly decline with an impact on revenues," its statement said.
"For the remainder of 2010, the Board expects revenues to continue to fall versus the same period of 2009. This will be driven by continuing poor volumes and ongoing pressure on prices in all of our product markets."
For its full year 2009, Readymix has reported pre-tax losses of EUR 13.8m for the year ending December 2009. Pre-tax losses had amounted to EUR 47.3m the previous year. Readymix said that revenues fell to EUR 82.2m from EUR 132.8m and said the figures must be taken in context of a further 38pc decline in construction output during the year.
The company said that exceptional costs incurred last year included further restructuring costs of EUR 1.4m and an asset impairment charge of EUR 2.3m. These were partially offset by profits of EUR 0.9m arising from a disposal of surplus property assets.
Published under Cement News