19th Nov 2015 07:14
LONDON (Alliance News) - Irish building materials company CRH PLC on Thursday said it continues to expect its 2015 earnings to be well ahead of the previous year as it continued to deliver good sales growth in the first nine months.
The FTSE 100-listed group said total sales grew 16% year-on-year in the nine months to the end of September, though growth did slow to 14% in the third quarter. Europe sales growth for the third quarter was only 1.0%, amid mixed trading in the region, albeit with conditions stable overall.
Sales growth continues to be driven by its Americas operation, CRH said, where third-quarter sales rose 23%, a slowdown from the 32% growth in the first half and leaving nine-month growth at 28%. The company said momentum remains good in the US, where the overall economic recovery is driving construction demand.
CRH said it continues to expect growth in its earnings for the full year, though at a more moderate pace than in the first nine months. It expects earnings before interest, taxation, depreciation and amortisation to grow 25% year-on-year in 2015, a slowdown on the 29% growth seen in the first half and 34% growth in the first nine months, in part due to strong comparatives for the fourth quarter.
By Sam Unsted; [email protected]; @SamUAtAlliance
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