Building materials group CRH posted an 8% rise in first-half pre-tax profits before goodwill today and said it saw a year of further progress despite tougher market conditions.
CRH reported a profit of 213m euros, while its dividend was up 11%, its 18th year of consecutive growth. Earnings per share increased 3% to 32.91 euro cents, while trading profit before goodwill amortisation rose 11% to 308m euros. The figures were ahead of expectations.
While the company's fortunes improved in Ireland and the US in the six months, its operations in the North, the UK and Europe were sluggish.
Liam O'Mahoney, chief executive of CRH, said the housing market in the UK was slowing, while US housing and infrastructure development was 'better than expected'.
Mr O'Mahoney said the performance on mainland Europe was a disappointment, particularly Poland and Germany, which he said were 'quite weak'. Spain and Germany remained generally positive.
'Mainland Europe has been a mixed bag this year and we don't see much up-tick in the second half,' he said. 'Britain has disappointed us for a few years now and we don't see it picking up any time soon,' he added.
'The numbers look pretty strong, and I think we'll probably see some upgrades on the back of them,' John Sheehan, analyst at NCB Stockbrokers said.
CRH shares closed down 45 cents at 17.86 euros in Dublin.
