Australia's Adelaide Brighton has warned that profits for 2019 could be 10-15 per cent lower than the AUD190.1m (US$133m) recorded in 2018, due to weaker demand in residential construction and high competition from imports.

The company attributed the profit warning to "further softening of demand for construction materials in the residential market, increased competition from cement imports, increased competitive pressures in Queensland and higher costs of key raw materials compared to the prior year".

The announcement comes a day ahead of its annual general meeting, where Raymond Barro is set to become the chairman of the company while Zlatko Todorcevski steps down to a deputy chairman role. 

Commenting on the warning, Nick Miller, CEO, has noted how the company’s balance sheet remains strong. "While market conditions are expected to impact current year earnings, our balance sheet is strong and provides us with flexibility to pursue new opportunities that arise in challenging market conditions."