leadf
logo-loader
viewCRH PLC

CRH earnings inch up in first half despite weather disruption and “challenging” Philippines market

CRH PLC has reported a rise in sales and earnings in the first half of its financial year despite issues surrounding weather conditions and difficulties in the Philippines. The FTSE 100 construction giant reported underlying earnings (EBITDA) for the period of €1.1bn, 1% ahead of the same period last year, while revenues also grew 1% to €11.9bn.

CRH logo
Higher fuel and power costs in the Philippines caused EBITDA for CRH's Asia arm to decline 59%

CRH PLC (LON:CRH) has reported a rise in sales and earnings in the first half of its financial year despite issues surrounding weather conditions and difficulties in the Philippines.

The FTSE 100-construction giant reported underlying earnings (EBITDA) for the period of €1.1bn, 1% ahead of the same period last year, while revenues also grew 1% to €11.9bn.

READ: CRH raises €510mln from sale of its DIY business in the Netherlands and Belgium

In terms of like-for-likes (LFLs), EBITDA for the period was ahead by 1%, while LFL sales were up 2% for the group.

The firm also increased its interim dividend by 2% to 19.6 euro cents.

In its divisions, CRH reported LFL EBITDA growth of 1% in Europe and 3% in the Americas as severe weather dented performance in several countries, some of which had not yet fully recovered.

However, LFL EBITDA declined 59% in Asia as the company experienced higher fuel and power costs in its Philippine operation which offset pricing improvements and drove operating profit and margins down to below levels seen in the first half of 2017.

In its outlook, the company said it expected EBITDA for the second half of the year to be ahead of the 2017 period, as well as an improvement in housing and non-residential construction in the Americas.

In Asia, CRH expected the challenging market conditions in the Philippines to continue and that EBITDA would remain at a similar level to the first half.

The company added that it had completed phase 1 of a share buyback programme, spending around €350mln to date.

In early morning trading Thursday, CRH shares were up 3.5% at 2,698p.

Quick facts: CRH PLC

Price: 2802 GBX

LSE:CRH
Market: LSE
Market Cap: £22 billion
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

GinsGlobal Managing Director sees Healthcare and Healthcare innovation as...

HANetf and GinsGlobal Index Funds' Managing Director Anthony Ginsberg joined Steve Darling from Proactive to share details about the success of their Healthcare Innovations ETF. Ginsberg discusses how COVID-19 had made a direct impact on that fund, especially in the telemedicine...

1 day, 10 hours ago

2 min read