Last Updated: Monday, March 3, 2008, 15:42

Housing slowdown hits Readymix

Cement manufacturer Readymix said pretax profits last year had fallen 35 per cent to €27.8 million due to the decline in house-building and construction.

In its annual report released today Readymix said sales had fallen 10 per cent to €220 million last year compared with 2006. Over the same period, operating profits dropped to 75 per cent to €10.5 million.

Readymix chairman Adrian Auer said the performance in 2007 does not reflect the financial strength or future prospects of the group.

Readymix is recommending a dividend of 6.11 cents, giving a total of 7.76 cent per share.