Readymix Plc - Interim Management Statement
17th October, 2011
Readymix plc provides guidance on results for third quarter of 2011
Readymix plc continues to endure the effects of a weak construction sector. The long-term outlook indicates that activity levels might be stabilizing in the medium term but the near-term outlook remains poor due to the lack of new business projects.
The Group announced today that revenues for the third quarter of 2011 fell to €12.9m from €13.8m for Q3 2010. For the first nine months of 2011, and on a like-for-like basis, revenues have fallen by approximately 18% versus the same period last year.
For the third quarter of 2011, despite the difficult operating environment, the Group's operating losses before exceptional items were approximately €2.5m, a decrease from losses of €3.5m for the same period in 2010.
Year to date total losses before tax are approximately €24.0m, including exceptional items of €13.4m, compared to losses of €8.5m for the first nine months of 2010. Exceptional items for the 2011 nine month period are primarily comprised of impairment charges of €12.7m and rationalisation costs of €3.6m, partially offset by one off gains related to the pension scheme in ROI.
For the remainder of 2011, the Board expects revenues to remain at a similar level to the same period in 2010.
Clare Egan
Company Secretary
This information is provided by RNS
The company news service from the London Stock Exchange
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