CRH announces revenue increase in 1H18

CRH has reported its results for the half-year period ended 30 June 2018, announcing a slight increase in revenue of one per cent YoY to EUR11.9bn (US$13.76bn). Similarly, overall EBITDA rose one per cent to EUR1.13bn, while the EBITDA margin remained consistent at 9.5 per cent. Profit after tax reached EUR378bn, advancing nine per cent from EUR346bn in the year-ago period.

The company has recorded divestments of EUR2.9bn and acquisitions of EUR3.4bn in the first six months of the year, while also completing the first phase of a share buyback programme.

"We have had a good first half despite significant weather disruption in Europe and North America in the first quarter. Construction markets continued to recover and pricing gathered momentum in key European markets while there was solid volume and price growth against a positive economic backdrop in the Americas. Active portfolio management remains an important element of our ongoing strategic focus on capital allocation while integration of our recent acquisitions is progressing as planned," said Albert Manifold, chief executive, CRH.  

Regional results
In Europe, like-for-like sales growth of one per cent reflected continued recovery in some key markets, while volumes in certain countries did not fully recover from the effects of harsh weather. In the Americas, like-for-like sales saw a three per cent increase on the 1H17, despite less favourable weather conditions across certain regions. Finally, like-for-like sales in Asia were two per cent down on the year-ago period.

Outlook
The company is anticipating a positive second half of the year, supported by growth in certain key regions.

"For the second half of the year, despite continuing currency headwinds and challenging conditions in the Philippines, we expect an improvement in the momentum experienced in Europe in the first half of the year and further EBITDA growth in the Americas, which will result in another year of progress for the Group," said Mr Manifold.