28th Apr 2021 09:14
(Alliance News) - CRH PLC on Wednesday reported a "positive" start to the year, with good underlying demand across its key markets.
The Dublin-based building materials group said first quarter like-for-like sales increased by 3% when compared to the equivalent period last year. This is due to a "particularly strong" performance in Building Products, which it said was partly offset by weather disruption in the company's materials businesses in North America and Europe.
CRH's Americas Materials division's like-for-like sales were 1% behind 2020, as the impact of harsh winter weather conditions on February's volumes was partly offset by "strong" commercial management.
Its Europe Materials unit saw like-for-like sales growth of 1%. CRH said this was due to sales in the UK being ahead, with "strong" volumes across most lines of business, and cement volumes in France being well ahead of the prior year.
"We had a positive start to the year in a seasonally quiet period for our business with good underlying demand and pricing progress across our key markets. While near-term uncertainties remain, we expect first-half profitability to be well ahead of the prior year period which experienced a heavily disrupted second quarter due to Covid-19," said Chief Executive Albert Manifold.
Looking ahead, CRH said it expects group earnings before interest, tax, depreciation and amortisation for the first half of the year to be "well ahead" of the prior year's figure of USD1.59 billion.
"As we look ahead to the second half of the year, we expect further normalisation in our markets as the health situation continues to improve," said Manifold.
Shares in CRH were up 0.7% at 3,442.00 pence in London on Wednesday.
By Zoe Wickens; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
CRH