CRH announce interim results
Featured in16 August 2012 - 17:05
Trading results reflect positive start to the year for company’s Americas operations
CRH have reported a 5% increase in sales revenue to €8.6 billion for the six months ended 30 June 2012, compared with the same period of 2011 (€8.2 billion), reflecting a positive start to the year for the company’s Americas operations.
The good first-half progress in the Americas saw sales up 20% to €4.0 billion and EBITDA up 26% to €216 million, thanks to favourable early weather conditions and a generally firmer tone in construction markets in the US.
In Europe, however, trading was adversely impacted by very severe weather conditions in February, and by deteriorating confidence as uncertainty continued regarding Eurozone economic issues, resulting in a 5% fall in sales to €4.6 billion and a 13% reduction in EBITDA to €352 million.
Consolidated first-half EBITDA of €568 million was 1% down on the first half of 2011, while pre-tax profit, excluding impairment charges and disposals, was down 45% to €52 million.
Commenting on the results, CRH’s chief executive, Myles Lee (pictured), said: ‘Problems in the Eurozone, which have intensified over the past six months, continue to erode consumer and business confidence in the wider European economy.
‘In the Americas, current trends suggest that the benign early weather in the US has resulted in some pull-forward of construction demand, while after good early momentum, the pace of economic growth has tempered over recent months.
‘Against this backdrop, we expect that EBITDA for the year as a whole will be similar to last year’s level.’