CRH report full-year results
Revenue growth, rise in earnings and strong balance sheet contribute ‘record year’ for building materials giant
IN their full-year results for the 12 months ended 31 December 2023, CRH have reported a rise in both revenues and earnings in a ‘record year’ for the Dublin-based company.
CRH saw their revenues increase 7% in 2023 to $34.9 billion (2022: $32.7 billion), whilst earnings before interest, taxes, depreciation, and amortization (EBITDA) at the group were $6.2 billion (2022: €5.7 billion) in 2023, up 15% from 2022.
EBITDA margin for the year also surpassed 2022 levels at 17%, up 120 basis points. CRH attributed the strong performance to resilient demand, positive pricing, and contributions from acquisitions.
Looking ahead, the group is forecasting a positive trading outlook for 2024 with anticipated earnings to be between $6.55 billion and $6.85 billion, representing growth of 5-10% this year.
‘Over the last decade our business has evolved from being a supplier of base materials into a fully integrated provider of value-added solutions,’ said chief executive Albert Manifold. ‘Through our technical expertise and the advancements, we have made in product innovation, we are solving complex problems for our customers while making the construction process simpler, safer, and more sustainable.
‘Despite continued inflationary cost pressures during 2023 we expanded our margins and delivered further growth in profits, cash generation, and returns. The strength of our balance sheet together with our relentless focus on the efficient allocation of capital enables us to capitalize on the opportunities we see for further growth and value creation in 2024 and beyond.’
