Poor weather and a fall-off in construction activity combined to push pre-tax profits at Readymix down by 12 per cent over the first half of the year.

The concrete manufacturer yesterday reported pre-tax profits of €12 million for the six months to the end of June, down from €15 million for the same period last year.

Turnover also declined, falling by 9.6 per cent to €101.7 million, while earnings per share fell from 10.54 cent to 8.95 cent. Shareholders had previously been warned that first-half results would fall short of last year's performance.

The company attributed its "mixed fortunes" mainly to a general downturn in the construction sector, where it says activity has declined by 10 per cent this year.

A particular blow came from a slowdown in the roll-out of the National Development Plan.

Readymix managing director, Mr John McNerney, said that he now expected this level of activity to be sustained at least for the remainder of this year, with growth in the future also likely to be tempered.

Merrion Stockbrokers analyst, Mr John Mattimoe maintained a "hold" recommendation on the stock, but said that the results would probably lead him to shave up to 3 per cent off his forecasts for the company.

He does not foresee full-year earnings rising on last year, but noted that there was "potential for corporate activity over the medium term".