CRH operations hit by weakness in Europe
BUILDING materials group CRH said that weakness in European markets hit its figures for the first four months of the year.
In a trading update ahead of today’s AGM, CRH said its US operations had benefited from good weather conditions and a stronger construction market.
But trading in its European operations in the first four months of 2012 has been affected by the severe weather conditions seen in February as well as the eurozone debt crisis.
Its operations in bailout countries like Ireland, Spain and Portugal are facing challenging market conditions, CRH said.
According to the company, given normal seasonal weather in May and June in the US as the construction sector gears up, it expects overall EBITDA in the first half of the year to be close to last year’s level of €574m.
''With incrementally more positive US economic and construction prospects for 2012 mitigating a more cautious view on the outlook in Europe, we continue to expect overall like-for-like sales growth in 2012 and a year of progress for CRH,'' today's statement sad.
CRH said that overall, like-for-like sales to the end of April were up 2pc ahead of 2011.