Thursday 26 April 2018

Sales at CRH soar to €12.7bn as Americas momentum continues

CRH CEO Albert Manifold. Photo: Bloomberg
CRH CEO Albert Manifold. Photo: Bloomberg
Michael Cogley

Michael Cogley

Sales at Ireland's biggest company CRH soared by 35pc to €12.7bn in the first six months of the year as the company reported continuing momentum in its Americas business.

Profit before tax at the firm increased by €344m to €407m as the company upped its dividend by 1.6pc to 18.8c.

Net debt at the business climbed to €7.1bn up from the €5.9bn figure reported at the same time last year. CRH said the increased number reflects the company's major spend on acquisitions in the second half of 2015.

The impact of Brexit is still unclear to the firm, in the medium term at least. Going forward CRH said its outlook for its European business for the rest of this year is for a continuation of the trends seen in the first half of the year.

The Irish company is expecting its good momentum in the American construction markets to continue too.

CRH chief executive Albert Manifold said the firm had a "very satisfactory" start to 2016.

"Good performance from our heritage businesses and contributions from 2015 acquisitions delivering significant profit growth for CRH. As always, we have maintained a strong focus on cash management, and with de-leveraging ahead of plan, I am pleased to report that we expect year-end debt metrics to be at, or below, normalised levels," Mr Manifold said.

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