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CRH sees 10% rise in full-year profit after strong interims 

Published: 09:35 25 Aug 2022 BST

CRH PLC -

CRH PLC (LSE:CRH) forecast a 10% rise in profit for the current year after announcing double-digit earnings growth for the first six months, reflecting price increases to offset inflation. 

The US-focused construction materials supplier reported underlying profit (EBITDA) of US$2.2bn for the half-year to 30 June 2022, up from US$1.8bn in the same period last year, on sales up 14% at US$15bn. 

Margins grew by 90 basis points to 14.7%. 

In the period, the company said it saw “positive underlying demand and commercial progress in both North America and Europe, where strong pricing was achieved to address the inflationary cost environment”.  

The Dublin-based FTSE 100 company predicted full-year EBITDA in the region of US$5.5bn, up from US$5bn in 2021, “against a continually challenging cost environment”. 

“Looking ahead, despite some continued cost headwinds, the strength of our balance sheet and resilience of our business leaves us well positioned to deliver superior value for all our stakeholders,” said CRH chief executive Albert Manifold. 

The company expects the resilient demand to continue to supports its Americas Materials division, while its Building Products operations should benefit from residential repair, maintenance and improvement (RMI) and utility infrastructure demand as well as recent acquisitions. 

Meanwhile, the Europe Materials business will continue to face challenges such as inflation and macroeconomic uncertainty, the company said. 

It raised its interim dividend by 4% to 24 cents per share.

Shares climbed 3.13% to 3,229.00p.

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