Building materials group CRH has reported a 71% jump in pre-tax profits to €275m in the first half of this year, as it recovered from the impact of poor weather conditions in the same period last year.
Sales were up 22% to €5.67 billion, while earnings per share after goodwill were up 72% to 38.1 cent. A 17% higher interim dividend of 9.6 cent has been declared. The stronger euro knocked around €4m off first-half profits.
Chief executive Liam O'Mahony said the second half performance would be affected by high energy prices and rising costs, while the currency situation would knock around €26m off pre-tax profits. But he said markets were generally better and CRH expected to deliver 'healthy' full-year profit growth.
CRH's profits in the Republic of Ireland were flat at €68m, however, as prices failed to compensate for increases in costs. Margins fell from 19.4% to 17.7%, though sales were 9% higher at €386m.
Profits in Britain and Northern Ireland rose 8% to €32m, while sales increased 7% to €366m. On mainland Europe, profits in the materials division almost doubled to €63m and sales jumped 28% to €567m after bad weather last year.
European products and distribution profits also recovered strongly, more than doubling to €121m on 56% higher sales of €1.7 billion.
The American materials division recorded a reduced loss of €31m on 4% higher sales of €955m, affected by higher energy costs. But the products and distribution division saw profits rise 33% to €132m as sales rose 11% to €1.7 billion.
CRH profits closed unchanged atoday at €18.66, following earlier falls.
