Readymix reports €12m profit for first half of year

Readymix has reported pre-tax profits of €12.06m for the first-half of 2003.

This is despite a reduction in profitability due to the weakness in sterling and a charge of €300,000 for redundancy costs in a rationalisation programme in the Republic.

Sales increased by 21% in the Republic - primarily driven by the buoyancy in residential construction - but intensive competition led to a reduction in margins.

Activity in the industrial, office, and agricultural sectors fell.

The cement group also said that the momentum in projects under construction in the National Development Programme had ensured satisfactory levels of activity.

The Directors declared an unchanged interim dividend of 1.65 cent per share.

The interim dividend will be paid on October 3, 2003 to shareholders who are on the register at the close of business on September 12 2003.