The Group's like-for-like sales revenue in 2020 was US$27.6bn (-2% on 2019); EBITDA (earnings before interest, taxes, depreciation, and amortisation) was up 5% to US$4.6bn; EBITDA margin was 16.8% (+120bps), and operating cash flow was up 1% to $3.9bn.
Speaking after the publication of the 2020 results, Manifold said: "Our 2020 performance is testament to the commitment of our people and the strength and resilience of our business model. Through the repositioning of our business in recent years and our relentless focus on continuous business improvement, we have delivered record levels of profitability, margins, and cash generation.
"Although the near-term outlook remains uncertain, our unique portfolio of businesses together with the strength of our balance sheet leaves us well-positioned to capitalise on the growth opportunities that lie ahead."
CRH's economic activity in North America was impacted by the global coronavirus pandemic, partly offset by government stimulus efforts. Like-for-like sales in Americas Materials declined by 3% compared to 2019, mainly impacted by COVID-19 restrictions, project delays in some of our key states and unfavourable weather in the first half of the year.
In Europe Materials, volume recovery in the second half of the year along with good price discipline did not fully mitigate the negative impact of COVID-19 related shutdowns earlier in the year, and like-for-like sales finished 5% behind 2019.
Building Products benefited from strong residential repair, maintenance, and improvement (RMI) activity in North America, offsetting lower activity levels in non-residential markets. Together with price progress across most platforms, the Division delivered like-for-like sales 4% ahead of 2019.
A CRH Group statement said that although the near-term outlook for economic and construction activity across the Group's markets remains uncertain, market recovery is expected to continue across North America and Europe as the health situation improves.
"Our Americas Materials Division benefits from strong market positions and a positive demand backdrop for the infrastructure and residential sectors. Although the outlook for non-residential activity remains mixed, our Building Products Division is expected to benefit from positive residential demand. In our Europe Materials Division, we have significant exposure to growing economies in Eastern Europe and strong, stable markets in Western Europe.
"Overall, with the strength of our balance sheet and our unique portfolio of businesses, we are well-positioned to capitalise on the growth opportunities that lie ahead. We remain committed to the execution of our long-term growth strategy and the delivery of further margin expansion, superior cash generation and enhanced returns for shareholders."
