CRH announce interim results
Company expects challenging trading conditions to continue in Europe for remainder of 2013
CRH plc, the Dublin-based international building materials group, have reported a 3% fall in sales revenue to just over €8.0 billion for the six months ended 30 June 2013, compared with the same period last year. Earnings before interest, tax, depreciation, amoritization and impairment charges (EBITDA) were down 24% to just under €0.4 billion over the same period.
Operating profit was €41 million in the first half of 2013, down €121 million on the same period in 2012, while a loss before tax of €71 million for the half this year compared with last year’s pre-tax profit of €102 million.
Myles Lee (pictured), chief executive, said: ‘Although recent economic indicators suggest that the Eurozone may be emerging from recession, overall construction activity remains weak and we expect challenging trading conditions in Europe for the remainder of 2013.
‘In the US, economic growth is estimated to have strengthened over recent quarters and we expect second half EBITDA to be ahead of last year. Overall for CRH, we expect EBITDA for the second half of the year to be in line with last year (restated 2012: €1.04 billion).
Mr Lee added that CRH would continue to focus on cost management, operational excellence, value-adding acquisitions and strong cash generation, and said the Group was well positioned to progress as markets recover.
