Sales from continuing operations increased 17%; up 3% in Europe and up 32% in the Americas. EBITDA from continuing operations is up 29%; up 4% in Europe and up 57% in the Americas. Meanwhile, margins are up in all six operating divisions.
CRH says it has been reallocating capital into value-creating opportunities. Over half the multi-year divestment programme of around €1.5 - €2 billion is now complete. First half 2015 divestment/disposal proceeds were €670 million, with a CRH H1 2015 acquisition/investment spend of €113 million.
The acquisition of European and American assets from
CRH made incremental cost savings of €28 million in H1 2015, with a full-year target of €75 million said to be on track. The company’s net debt stood at €1.2 billion in June 2015, €2.5 billion lower than June 2014.
Speaking earlier today Manifold said: ”We are on track to deliver another year of growth in 2015. Trading in the Americas has been good and, against a mixed macro-economic backdrop, underlying trading in Europe is broadly in line. We have made good progress towards achieving our goal of restoring margins and returns to peak over the cycle, with further margin improvement in each operating division. We have also recycled capital from non-core divestments into value creating acquisitions, while maintaining a disciplined, efficient balance sheet. We are now applying CRH rigour to these new businesses to integrate them efficiently and to drive performance.”
