Readymix pre-tax profits down by 21% in face of stiff competition

PRE-TAX profits at Readymix Plc fell by 21%, despite a 6% increase in turnover in the first six months of the year, as a result of reduced margins in the face of tough competition in the Irish market.

Pre-tax profits fell to €9.52 million from €12.06m in the first six months of 2003, while turnover rose to €122.6m compared to the first half of 2003. Readymix said an increase of 11% in sales in the Republic did not compensate for a combination of very competitive pricing and increasing costs, both of which led to an erosion of margins.

Sales in Northern Ireland increased by 9% but margins were maintained, and profits increased.