It reduces a few extra linefeeds, but it doesn't solve my main issue - lines that's longer than 80 characters is still split into multiple lines - ReadBuffer already contains a (LF), even before adding them to the Memo component.
I only know Windows and only the API (I don't use components), I don't know if what I am going to mention is applicable in the case you've described but... just in case.
When you output to a console in Windows, the default width of the console is 80 characters. Whenever a program writes 80 characters or more onto the console, the line automatically gets split into two (since it does not fit on one line.)
In Windows, you can programmatically control the width and height of the console. In Windows, the solution would simply be to make the console wider, that would solve the problem you are experiencing. I presume that this is possible in the OS you are using but, I have no idea how it's done but, I figured you might. If you can and know how, simply make the console window wider.
I hope that comment might be useful to you.