Shares in building materials group Readymix have taken a dive today, as the company gave a stark profit warning.

Shares in the firm have slumped 16.5%, showing further evidence of the slowing construction market in Ireland.

The company said that although its annual results have not been finalised, it is clear that the operating profit before once-off items for 2007 will be substantially below market expectations and the operating profit achieved in 2006.

-- Advertisement --

During the summer, Readymix reported a 50% drop in operating profit for the first six months of 2007, pressured by a slowdown in the housing sector.

Readymix's key business is the production and distribution of concrete materials across the island of Ireland and the UK.

(NS/JM)