Readymix plc, the building materials company which has operations in Rossmore and Ballyclough, Co Cork, recently announced that for the first six months of the year it expects a loss before tax of approximately -10million, including -2.7million of one-off costs associated with the reshaping of the business.

In addition, the continuing weakness in the sterling euro exchange rate has had a negative impact on the translation of profits from our Northern Ireland and Isle of Man Divisions. Total revenues from continuing operations are down -12% versus the same period last year, with the Company expecting an operating loss before non-recurring items of -7million for the first half of the year.

In response to the deteriorating market conditions, the Company has rationalised 12% of its operating sites and reduced personnel by 15%. With the full year benefit of these cost reduction measures, together with proceeds from the sale of assets, the Company expects to deliver a positive profit performance for the full year.

Readymix plc expects very difficult trading conditions for the remainder of the year. Infrastructure projects, have not compensated for the decline in the housing sector, and margins will continue to come under pressure from higher fuel and energy costs.

Adrian Auer, Readymix's Chairman said, "We are facing very tough trading conditions across all our markets. However, Readymix plc is a resilient Company with a strong cash position and a well invested portfolio of debt free operating assets. We will continue to focus our capital investment on improving operating efficiency in our core product lines, whilst also driving down operational overheads".

Readymix plc's half year results for the period ending June 30, 2008, will be announced on August 15, 2008.

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