CRH announce 2016 interim results
Company reports strong profit delivery with margins and returns ahead in all divisions
CRH plc, the Dublin-based international building materials group, have announced that EBITDA more than doubled (up 102%) to €1.12 billion for the six months ended 30 June 2016, compared with the same period last year (2015: €555 million), while EBITDA margin was up 2.9 percentage points to 8.8% over same period (2015: 5.9%).
Sales revenue increased by 35% to €12.7 billion in the first half of this year (2015: €9.37 billion), while operating profit increased by €399 million to €588 million (2015: €189 million) and profit before tax rose by €344 million to €407 million (2015: €63 million).
Commenting on the results, chief executive Albert Manifold (pictured) said: ‘We have had a very satisfactory first half, with 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, normalized levels.
‘With continued positive momentum in the Americas and the modest impact of early-stage economic recovery in Europe, and assuming normal weather conditions for the remainder of the season, we expect further progress in the second half with full-year reported EBITDA in excess of €3 billion.’
Meanwhile, CRH have announced that Mark Towe has confirmed his intention to retire from the CRH board at the end of 2016. Mr Towe, who joined CRH in 1997 and was appointed a CRH director in July 2008, will continue in his role as chairman of CRH Americas.
CRH chairman Nicky Hartery said: ‘With over 40 years of experience in the building materials industry, Mark has been a key contributor to the Group both as a senior executive and as a member of the board. We are delighted that CRH will continue to benefit from his vast experience as he remains in his role as chairman of our business in the Americas.’