Building materials group CRH says that group sales in the first two months of 2010 fell by 23.5% due to the exceptionally harsh winter weather experienced during those months.
In a trading update issued for shareholders at its AGM today, the company said that more normal seasonal weather in March and April, as well as a rebound from very depressed levels of activity, resulted in a sales decline of 7%. This gives a fall of about 14% for the first four months of this year.
CRH said it expected the sales decline to continue to moderate over the coming months and sales for the first six months of 2010 would be about 10% below the figure for the same time in 2009.
It added that it expects earnings before interest and tax in the seasonally more important second half of the year to be ahead of the 2009 figure of €1.15 billion.
The statement said that while demand in Ireland has picked up somewhat in recent months, construction activity continues to run well below 2009 levels.
CRH shares closed down 2.6% at €19.51 in Dublin.
