Readymix expects €10m losses

Readymix plc has said it expects to record before-tax losses of about €10m for the first six months of the year.

The losses include €2.7m of one-off costs associated with the reshaping of the business, the company said today.

Readymix also blamed the weakness in the sterling-euro exchange rate, which it said had a negative impact on profits from its divisions in the North and on the Isle of Man.

Total revenues from continuing operations are down -12% versus the same period last year, with the company expecting an operating loss before non-recurring items of €7m for the first half of the year.

Readymix has cut staff by 15% in response to market conditions and said it now expects to deliver a positive profit performance for the full year.