Building materials group CRH has said it is expecting to report pre-tax profits of around €750m for 2009, a drop of 55% from 2008. The figure is broadly in line with expectations.
In a trading statement, the company said that while there had been more positive news in recent months, trading conditions remained difficult in its markets.
'The timing of any sustained pick-up in developed world construction demand is unclear,' it said.
CRH, the most valuable company on the Irish stock market, said sales in the second half of 2009 fell by 18% compared with a year earlier, slightly better than the 21% first-half drop.
It added that the rate of decline in profit slowed later in the year because of lower energy costs and cost-cutting measures. Currency movements knocked €45m off profits for the year.
CRH spent €170m on a number of small acquisitions in the US, Poland and China in the second half of 2009, bringing total spending for the year to €450m.
The construction and housing downturn in Europe and US continued to affect CRH's businesses, though it said its American materials division benefited from states' spending on infrastructure.
CRH shares closed 3.8% lower at €18.75 in Dublin this evening.
