Building materials group CRH has said in a trading statement that 2003 profits will be in line with the previous year. This is ahead of the company's previous expectations, with the weak dollar hitting the euro contribution from the company's substantial US operations.
CRH said that though poor weather in Europe and the US had affected activity, there had been a substantial recovery in the second half, helped by continuing strong residential construction in Ireland.
It said currency movements had affected it to the tune of €86m last year. This figure represents around 10% of 2002 pre-tax profits.
The company also announced this morning that it had spent €1.6 billion on acquisitions and investments during 2003. This includes the €693m Cementbouw deal in the Netherlands in October.
In the Republic of Ireland, cement and concrete volumes were up 10%, though the commercial and industrial sectors had a poor year. Irish profits for 2003 will be in line with 2002.
CRH shares closed up 3 cents to €17.00 this evening on the ISEQ index.
