Profits down at CRH

CRH PLC, the Dublin-based international building materials group, have reported a 48% decrease in operating profit to €955 million for the year ended 31 December 2009 (2008: €1.84 billion), following restructuring and impairment charges of €246 million (2008: €76 million).

Pre-tax profit for 2009 fell 55% to €732 million (2008: €1,63 billion) on revenues that were down 17% at €17.4 billion (2008: €20.9 billion). Group earnings before interest, tax, depreciation and amortization (EBITDA) for the full year declined by approximately 32% to €1.8 billion, compared with €2.66 billion in 2008.  

‘Residential and non-residential markets declined during 2009 in both Europe and the US, with government-funded infrastructure investment only partially compensating,’ commented CRH chief executive Myles Lee. ‘We expect a difficult demand backdrop through much of 2010, with continuing declines in non-residential activity across our markets not helped by a poor start to the year as a result of prolonged severe weather in Europe and North America during January and February.’