Pre-tax profits at concrete products group Readymix almost halved last year, in what the company called 'disappointing' results.
Pre-tax profits were €11.4m, compared with €22.5m in 2003, while earnings per share also fell 50% to 8.5 cent. Sales rose by just under 7% to €247.5m. A final dividend of 5.4 cent has been declared.
Readymix said it had held its market position, but was unable to fully recover increases in the costs of materials, transport and labour.
The company said market conditions had improved slightly this year, but remained challenging. Readymix said it was now carrying out a review of its entire cost base.
In the Republic of Ireland, sales were up 15%, helped by the continued strength of the housing market, but profits were 'significantly lower'. Turnover in its Isle of Man, Northern Ireland and British operations fell 6%.
Readymix shares closed two cent lower at €2.06 in Dublin this evening.
