Readymix expects losses of €54m

Readymix is expecting its total losses for 2011 to amount to €54 million.

The troubled cement product and building materials provider — which announced last month it had received a fresh takeover approach — said yesterday in a full-year trading update that its 2011 revenues fell by 15%.

The Dublin-based firm expects its audited annual figures to show an operating loss of around €13m, slightly better than the operating loss of €15m recorded in 2010. It added the reduction would be down to a lowering in its operating costs. However, once exceptional items are taken into consideration, total losses should amount to €54m.