Readymix to cut 15% of staff

Cemex-owned concrete firm Readymix has reported a £7.6m first half loss, as it suffered the fallout from a slowdown in the property sector.

Meanwhile first half revenues were down 9.4% on the previous year, with pre-cast concrete sales down 25.7% and concrete and aggregates down 5.5%.

The firm said trading conditions were "very difficult" as a result of weaknesses in the housing and commercial construction markets.

Readymix said it would cut 15% of its staff and would sell non-core business assets in a bid to haul itself back into the black.