Readymix reports 6.5% revenue fall

READYMIX, the cement product and building materials provider, has reported a 6.5% year-on-year fall in revenue for the third quarter of the year — adding that pre-tax losses in the year to date have nearly trebled.

In a short trading update, published yesterday, the company said that revenues for the three months to the end of September amounted to €12.9m.

This was down from the €13.8m generated in the same quarter of last year.

Operating losses, before exceptional items, for the same period came in at €2.5m; albeit down from a loss of €3.5m for the same period in 2010.

However, the company added that total pre-tax losses for the first nine months of 2011 amounted to approximately €24m.

This figure compares to a pre-tax loss of €8.5m for the first nine months of 2010; however it also includes exceptional charges of €13.4m (including impairment charges of €12.7m and various rationalisation costs).

The Readymix board added that it now expects revenues to remain at a similar level to the same period in 2010.

Last year, the company posted total revenues of €52.5m, a €30m drop on the previous year’s levels.

Yesterday’s update wasn’t totally downbeat. Despite painting a grim short-term picture, the company was hopeful of a long-term pick-up in business.