CRH PLC (LSE:CRH), the building materials firm which is shifting its listing to the US, has reported a jump in sales and earnings in the first half of 2023.
The firm said sales rose 8% to US$16.1 billion while pre-tax profit from continuing operations jumped 26% to US$1.51 billion from US$1.20 billion the previous year.
Ebitda rose 14% year-on-year to US$2.5 billion from US$2.2 billion a year prior above JPMorgan's US$2.43 billion.
CRH described the performance as robust with strong pricing offsetting cost inflation, significant contributions from prior year acquisitions and good underlying demand in key end-use markets.
Americas Materials Solutions delivered a strong performance with sales 9% above 2022 levels driven primarily by solid price progression across all lines of business while Americas Building Solutions sales were 21% ahead of 2022.
Europe Materials Solutions sales were in line with 2022 reflecting continued strong pricing progress which offset the impact of lower activity levels while Europe Building Solutions sales were 4% behind the same period in 2022.
Looking ahead, North American operations are expected to be supported by robust infrastructure demand, underpinned by significant increases in US federal and state funding, while businesses in Europe are expected to benefit from solid infrastructure demand, good non-residential activity and positive pricing momentum, while the residential market is expected to remain challenging.
CRH expects full-year group Ebitda of around US$6.2 billion, up from US$5.6 billion in 2022.
Shares fell 2.0% to 4.423p.