Bathroom fittings specialist Qualceram Shires expects to report a loss this year and said turnover in its main markets had fallen by a third during four months to the end of October compared with the same period last year.
Irish-based and Dublin-listed Qualceram said the property market slowdown in Ireland and UK had adversely affected the business and the pace of the deterioration had accelerated since it issued interm results in July.
Difficulties securing mortgage credit and negative consumer sentiment mean the company does not foresee a recovery in its main markets until 2010.
To reduce costs 33 people have been let go since June and Qualceram is also looking to sell its Longton facility.
In an interim management statement Qualceram said: "Our operational focus remains on cash management and cost efficiencies.
"We continue to believe that both the Irish and the UK housing markets remain attractive in the medium and long term due to the positive demographic trends in both markets and the ability, in an improved market, for the group to increase volumes profitably given the group's more efficient cost base.”
At 10.20am Qualceram shares were unchanged at €0.22. Its shares have fallen by over 76 per cent so far this year and at its current share price has a market cap of €4.88 million.
