Bathroom products manufacturer Qualceram Shires, has announced its interim financial results for the first six months of 2007.

It has reported a drop in pre-tax profits until June of this year, as the housing slowdown has affected its Irish sales.

Turnover for the period was €50.1 million down from €52.1m at the same stage last year, while gross profit was down €300,000 to €16.1m.

However, the company said trading for the period was 'satisfactory' and broadly in line with marketing expectations, with operating profits increased by nine per cent to €2.4m.

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John O’Loughlin, chief executive of Qualceram Shires plc, commented on the results: “The Group is satisfied with trading for the first six months given current market conditions. Sales have been impacted in both our main markets by areas outside of management’s control, such as, increasing interest rates and by the slowdown in the Irish housing market.

He continued: "The improvement in operating performance vis-à-vis this time last year has come about through the active management of the Group’s cost base which continues to be a priority."

Qualceram Shires recently announced the sale of its Arklow headquarters for €31m.

(JM/SP)