Qualceram Shires Plc, the Irish maker of ceramic bathroom sinks and toilets, said today that first-half sales will fall by 30% because of the Irish housing slump.
Market conditions in Ireland and the U.K. ``remain challenging,'' the Arklow, Ireland-based company said. Sales have been affected by ``a significantly lower level of housing starts'' and cooling economic growth, it said.
Qualceram also said it continues to evaluate a takeover approach it received in March. It didn't provide further details. The company's profit fell 30% in the first quarter after dropping by 49% last year.
Qualceram said in an Interim Management Statement that to counteract the contraction in the market the group has looked to develop new business in areas where it has not had a significant presence . During the second half of 2008 the group expects to develop business in the DIY sector and other retail areas. In addition new designs and an efficient cost base allows it to compete strongly for existing business.
