20th Apr 2022 09:21
(Alliance News) - CRH PLC said on Wednesday it has started 2022 on a strong footing, with growth in earnings and sales expected for the first half.
The Dublin-based building materials firm said first-quarter sales, earnings before interest, tax, depreciation and amortisation, and margin were all ahead of the same period last year.
Improved activity levels and continued execution of its integrated solutions strategy supported sales growth and performance, CRH said.
Sales for the Americas Materials operations were 13% ahead year-on-year, with Europe Materials 11% ahead, and Building Products 22% ahead.
Updating on its ongoing share buyback program, CRH expects a further USD300 million to be completed no later than June 27, which would bring the total to USD600 million for the first half.
"The continued delivery of our solutions strategy resulted in a good start to the year. Although a number of challenges and uncertainties continue, our demand backdrop remains favourable," said Chief Executive Albert Manifold.
CRH expects sales, Ebitda, and margin for its half-year to be ahead of the first half of the prior year, when Ebitda came in at USD2.0 billion. It expects positive demand in North America to continue, and its Europe Materials business to be able to weather the negative impacts of energy cost volatility and the war in Ukraine to deliver a like-for-like Ebitda ahead of the prior year.
Shares in CRH were up 3.4% to 3,139.00 pence each in London on Wednesday morning.
Results for the half-year will be announced on August 25.
By Elizabeth Winter; [email protected]
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