HeidelbergCement confirms positive 2019 results

HeidelbergCement has confirmed the positive preliminary results for 2019 it published last month, thereby concluding the business year successfully.

"Although the environment was again challenging, we were able to improve numerous important key figures in the 2019 financial year. Especially our good profit for the financial year before non-recurring effects and the strong cash flow exceeded our expectations," said Dominik von Achten, chairman of the Managing Board of HeidelbergCement.

However, in the wake of the coronavirus pandemic, the company has stated it is not possible to provide an outlook for 2020.

"The extensive measures to contain the spread of the virus require continuous adaption in the operational control of our business," said Dr Achten. "We have to assess the situation day by day. At the moment, we are not able to predict how long the precautionary measures will last, and which impact is to be expected on the construction activities in each country. Against this background, a valid outlook on the 2020 business year is not possible at the moment."

Further actions relating to the virus include the stoppage of all non-essential spending and hiring. It is also reportedly considering shortened working hours alongside urging employees to cut overtime, according to Reuters.