RMC makes another disposal to cut debt

RMC has sold its 19.9% share in Adelaide Brighton Ltd (ABL) for £71m. The proceeds will be used to pay off the group's debt.

The estimated pre-tax profit on the sale of the shares is £38.5m. However, after allowing for attributable goodwill of £47.4m, this disposal will result in a loss of £8.9m.

RMC's total debt stood at £1.2bn on 30 June this year.

RMC still retains 34.9% share in ABL, which produces cement and lime in South Australia, Western Australia and the Northern Territories.