Sunday 18 February 2018

CRH reports stronger start to year in Europe but US hit by weather

Albert Manifold, new CRH CEO, with his predecessor Myles Lee
Albert Manifold, new CRH CEO, with his predecessor Myles Lee

BUILDING materials business CRH said today that like-for-like revenues in its European businesses were up 10pc in the first four months compared with last year on better market and weather conditions.

While revenues were 2pc better in the US in the same period, that market was impacted by poor weather conditions.

Management is also more upbeat about the recovery in Europe while the outlook for the US is stable.

It indicated that EBITDA for the first half of the year would be about €500m, well ahead of the €400m reported last year and broadly in-line with our €515m forecast, said Davy Stockbrokers.

"We remain happy with our full year forecast of €1.6bn," Davy said.

Following a review of its portfolio, the company said 80pc of group assets are now core.

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