Readymix saw its profits slip by more than 50 per cent in the first half of the year amid tighter trading conditions.
Profit after tax for the first six months of 2007 fell to €13.1 million, from €28.4 million a year earlier, as the effect of the slowdown in the housing sector began to show.
Operating profit (before non-recurring items) fell 9.6 per cent to €9.1 million, while revenue remained at a similar level to the same period last year, at €119 million.
The company said the decline in the housing sector had affected its blocks and concrete volumes, and put pricing under pressure. Volume was helped, however, by an increase in infrastructure spending.
Volumes were also weak in Northern Ireland, a similar position to last year, while prices remained stable. Lower government spending has hit volumes in both concrete and aggregates on the Isle of Man.
The company declared an unchanged interim dividend of 1.65 cent per share.
