International building materials group,
The key points show that sales revenue increased by 4%; up 7% in Europe and up 1% in the Americas (like-for-like sales up 5%) while earnings before interest, tax, depreciation and amortisation (EBITDA) was 27% ahead of first-half 2013 reflecting strong operating leverage, and in line with annual meeting guidance.
The portfolio review is progressing and a multi-year divestment programme of about €1.5-€2 billion is actively underway although first-half acquisitions/investments amounted to €130 million.
Incremental cost savings of €45 million to date in 2014 with full year target of €100 million are on track and the net debt of €3.7 billion is €500 million lower than June 2013.
Key figures for the H1 show that sales revenue amounted to €8,324 (€8,007/+4% same period 2013); EBIDTA of €505 million (€397 million/+27%) while operating profit was €171 (€41 million in H1 2013).
Albert Manifold, chief executive, said: “2014 got off to an encouraging start with favourable weather in Europe and continuing recovery in the US. We are pleased with the strong operating leverage which is reflected in margin improvement for the period.
“Economic indicators continue to be positive in the Americas, while in Europe we have seen some easing of trends in recent months. Assuming normal weather patterns and no major market dislocations, and with the benefit of contributions from acquisitions and cost saving measures, we continue to expect second-half group EBITDA to be somewhat ahead of last year (H2 2013: €1.08 billion).”
