Concrete firm’s profits harden

CONCRETE products group Readymix saw pre-tax profits boosted to €27.64 million for the six months to the end of June from €10.9m for the same period last year.

The figures were flattered by a gain of over €20m from the sale of property in the North.

At the trading level, despite a buoyant market, profits fell by 23% from €9.8m to €7.6m during the period.

The group, which is part of the British-based RMC, blamed slower than anticipated cost cutting within its operations over the period.

It also blamed rising input prices and tough competition in the market for the poor trading outturn.

In a separate announcement, Readymix yesterday said Roger Gonzalez has been appointed finance director at the company. He will join the Readymix board from 1 September.

Mr Gonzalez succeeds Frank Lynch who will step down from his position at the end of August.

Readymix shares were up four cent to €2.19 in Dublin this lunchtime.

The group said that despite higher volumes, the Republic of Ireland’s trading profits were broadly flat in a pretty buoyant market.

In the North, profits fell slightly which the group attributed to lower volumes and profits in the concrete products business.

In the Isle of Man profits were down sharply, due to the delay in starting some infrastructure projects.