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23/05/2011
Readymix Facing Major Losses
Irish concrete specialist Readymix has announced a trading loss of €4.2m before taxes for the first quarter of 2011, compared to a loss of €3.8m the same time last year.
It expects an operating loss (before exceptional items) of approximately €15m for the full year 2010 ending on December 31st. This compares to an operating loss (before exceptional items) of approximately €11m for 2009.
Total losses before tax are expected to be approximately €20m compared to a loss of approximately €14m for 2009.
Net exceptional items of approximately €4.5m arise in respect of additional costs associated with redundancies and impairment charges related to the carrying value of certain assets on the balance sheet which are partly offset by profits from the sale of properties.
During 2010, revenues are expected to be down by 36% compared to 2009 as sales volumes have fallen significantly in all of the Group's product lines, reflecting the ongoing difficulties in the construction sector.
Revenues have fallen by 27% compared to the first quarter of 2010 - mainly due to a drop in volumes across all products.
"In an exceptionally competitive market, prices across a number of our key product lines also continue to come under increasing pressure," the company stated.
However, Readymix said that for the rest 2011, it expects revenues to continue to fall due to continuing poor volumes and ongoing pressure on prices in all of its product markets.
The firm is part of Cemex Ireland - founded in Dublin in 1965 - and is now one of the largest and most successful building materials groups in Ireland.
Carvill Fails
There's bad news too in Northern Ireland with the Carvill Group going into administration.
In a statement the group said the Carvill Group Limited, Carvill (Scotland) Limited and Carvill (Newcastle) Limited would all be affected.
The Carvill Group was behind the proposed redevelopment of the Sirocco Works site in east Belfast.
It blamed the "adverse economic climate" for the move.
The problems are widespread with a Lincolnshire concrete business also calling in administrators after the firm was hit by the effects of the severe winter weather.
C & G Concrete Limited, based in Stamford, employs about 120 workers.
The firm supplies the construction industry with ready-mixed concrete and mortar and has been operating for more than 50 years.
It has three quarries and plants in Lincolnshire, East Yorkshire and Cambridgeshire.
Sales at the firm were hit during the winter as concrete laying is not possible in severe weather conditions, it said.
(BMcC/GK)
It expects an operating loss (before exceptional items) of approximately €15m for the full year 2010 ending on December 31st. This compares to an operating loss (before exceptional items) of approximately €11m for 2009.
Total losses before tax are expected to be approximately €20m compared to a loss of approximately €14m for 2009.
Net exceptional items of approximately €4.5m arise in respect of additional costs associated with redundancies and impairment charges related to the carrying value of certain assets on the balance sheet which are partly offset by profits from the sale of properties.
During 2010, revenues are expected to be down by 36% compared to 2009 as sales volumes have fallen significantly in all of the Group's product lines, reflecting the ongoing difficulties in the construction sector.
Revenues have fallen by 27% compared to the first quarter of 2010 - mainly due to a drop in volumes across all products.
"In an exceptionally competitive market, prices across a number of our key product lines also continue to come under increasing pressure," the company stated.
However, Readymix said that for the rest 2011, it expects revenues to continue to fall due to continuing poor volumes and ongoing pressure on prices in all of its product markets.
The firm is part of Cemex Ireland - founded in Dublin in 1965 - and is now one of the largest and most successful building materials groups in Ireland.
Carvill Fails
There's bad news too in Northern Ireland with the Carvill Group going into administration.
In a statement the group said the Carvill Group Limited, Carvill (Scotland) Limited and Carvill (Newcastle) Limited would all be affected.
The Carvill Group was behind the proposed redevelopment of the Sirocco Works site in east Belfast.
It blamed the "adverse economic climate" for the move.
The problems are widespread with a Lincolnshire concrete business also calling in administrators after the firm was hit by the effects of the severe winter weather.
C & G Concrete Limited, based in Stamford, employs about 120 workers.
The firm supplies the construction industry with ready-mixed concrete and mortar and has been operating for more than 50 years.
It has three quarries and plants in Lincolnshire, East Yorkshire and Cambridgeshire.
Sales at the firm were hit during the winter as concrete laying is not possible in severe weather conditions, it said.
(BMcC/GK)
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