Concrete group Readymix has said it expected a pre-tax loss of €10m for the first six months of this year, including €2.7m of restructuring costs.
Sales from its continuing businesses are down 12% on the same period last year and the company says it expects 'very difficult' trading conditions for the rest of the year.
Readymix says it has cut staff numbers by 15% in response to the deteriorating market, adding that infrastructure projects have not compensated for the decline in the housing sector. Higher costs are also affecting the firm, while a weaker sterling is having an impact on profits from its Northern Ireland and Isle of Man businesses.
But it said it expected a 'positive' profit performance for the full year, helped by its cost cuts and the sale of assets.
Shares in Readymix closed down five cent at 75 cent in Dublin today.
