26th Nov 2019 08:27
(Alliance News) - FTSE 100 building materials firm CRH PLC reported a "strong" performance so far in 2019, with the outlook remaining positive.
CRH has guided for earnings before interest, tax, depreciation, and amortisation for 2019 to be above EUR4.15 billion, which would mean at least 23% growth year-on-year.
The Irish company, based in Dublin, credited "positive momentum" in all divisions, contributions from acquisitions, the impact of a new accounting treatment of leases, and currency tailwinds.
As a result, CRH expects to report annual pretax profit ahead of 2018's EUR1.9 billion.
Revenue in the nine months to September climbed by 9% on the year before to EUR21.8 billion, with CRH delivering like-for-like growth of 4%. Ebitda rose 27%, and 7% like-for-like, to EUR3.2 billion.
Looking divisionally, Americas Materials delivered 7% year-on-year sales growth in the third quarter of 2019, Europe Materials 5%, and Building Products 3%, meaning 5% group sales growth in the quarter.
Ebitda in Americas Materials in the quarter rose 12%, Europe Materials by 3%, and Building Products by 6%, leading to 9% group Ebitda growth in the third-quarter.
Trading in the Americas benefited from better weather in the third quarter than the first half of the year, while "positive trends" continued in the other two segments.
"As we look ahead to 2020, we expect solid market fundamentals to continue across our key markets," said CRH.
Shares in the company were up 2.2% in early trade on Tuesday in London at 2,972.00 pence each.
By George Collard; [email protected]
Copyright 2019 Alliance News Limited. All Rights Reserved.
Related Shares:
CRH