CRH decline slows in Q3

Ireland-based 723 CRH has reported that its sales in the third quarter of 2010 were down 4% on the same period last year. Nonetheless, the company has said that this shows the rate of decline is slowing after recording a 10% drop on 2009 figures during the first six months of this year. CRH has said the overall sales drop for the first nine months of the year is 8%, compared to the same period last year.

In a statement, the company said, “We continue to generate strong operating cash flows, with a traditional third quarter inflow and positive exchange translation effects resulting in a €0.8billion reduction in net debt from €4.8billion at 30 June to €4billion at 30 September 2010. This figure comprised gross debt of €5.4 billion and cash and liquid investments of €1.4billion.

“We expect the rate of decline in like-for-like sales to continue to moderate in the final quarter and, assuming normal weather patterns for the remainder of the year, we anticipate EBITDA of approximately €0.4billion for the final quarter of 2010, broadly in line with the same period last year which was impacted by significant restructuring costs.”

The company has said that is expects to report a full year EBITDA of €1.6billion, down from €1.8billion recorded in 2009 and this is in line with previous forecasts.