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CRH posts healthy profit rises on strong US construction demand

CRH reported a 21% increase in annual profit after benefiting from strong infrastructure and commercial construction in the US and solid trading in Europe.
By Guy Woodford February 28, 2020 Read time: 1 min
CRH subsidiary Republic Cement’s Teresa plant in Rizal, the Philippines

The heavyweight Irish building materials supplier's pretax profit for the year to the end of December rose to €2.1bn from €1.7bn a year earlier as revenue increased to €25.1bn from €23.2bn.

Operating profit at the Americas materials division rose 26% to €1.3bn as a slow start to the year caused by wet weather gave way to higher volumes and prices in the second half. The group's Europe materials business achieved a 14% increase in operating profit to €555m as strong trading in eastern Europe, France and Ireland offset difficult conditions in the UK.

Albert Manifold, CRH's chief executive, said: "CRH delivered good profit growth in 2019 supported by positive momentum in our heritage businesses and strong contributions from recent acquisitions. With a continuing focus on margin expansion, cash generation and enhanced returns for shareholders, we believe that 2020 will be a year of further progress for the group."

 

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