Stark profit warning from Readymix
Tuesday, 5 February 2008 08:08
There was futher evidence of the slowing construction market as concrete group Readymix issued a profit warning this morning.
The company said that although its annual results have not been finalised, it is clear that the operating profit before non-recurring items for 2007 will be substantially below market expectations and the operating profit achieved in 2006.
A further statement will be issued within two weeks, the brief statement added.
How long before the banks have to issue similar warnings ?
You know you’re in trouble when even the positive spin sounds bad.
Here’s how it should be done.
Any one know how much of Readymix’s business is for buildings and how much is infastructural type stuff?
dunno what the % are but Cement is used early on in the construction process meaning that its a lead indicator material .
I would short tiles and kitchens now !!
Readymix has warned all through the building boom, could these guys make money if they were say in Dubai or Beijing - not so sure.