Building materials group CRH has reported pre-tax profits of €864m for last year, up just 1% on the previous year, but the company said currency movements knocked €86m off the figure.
Total sales were 3% higher at just over €11 billion, while earnings per share after goodwill were up 2% at 121.9 cent. A final dividend of 19.9 cent per share gives a total for the year of 28.1 cent.
CRH said construction output in Ireland was in line with 2002, with sales up 2% and profits flat at €130m. The company said the housing sector was again strong, but the commercial and industrial sectors had another poor year.
In Britain and Northern Ireland, profits grew by 13% in local currency, with reported profit up 3% to €57m. In mainland Europe, CRH said construction output was flat. Profits in the European materials division grew by 6%, while the products and distribution business saw a rise of 55%.
American profits were 7% ahead in dollar terms, but 11% down at €559m after currency translation.
Chief executive Liam O'Mahony said that while activity in Europe was 'generally subdued', the economy in the US was recovering. But he warned that the weakness of the US dollar would again affect reported profits in 2004.
CRH shares closed unchanged at €17.42 in Dublin this evening.
CRH spent €1.6 billion on 41 acquisition and investment deals last year, matching its record figure set in 2000.
