Building supplies group CRH will undertake a review of its businesses to identify further disposals as it reiterated its guidance for the year after sales rose 2% in the third quarter.

CRH has reacted to the five-year construction downturn by cutting costs more aggressively and earlier than many of its peers.

But like most of its rivals, the company was held back by the long winter and cut its full-year earnings outlook in August.

The company spent €660m on bolt-on acquisitions during the three month period - about 25% of these were investments in developing regions, including China, Ukraine and India. 

CRH has generated €2 billion in disposals since 2007 and said today that there was more to do.

"With changing regional growth dynamics in the global economy, management is undertaking a detailed assessment of our portfolio to focus on the businesses which offer the most attractive future returns," CRH said in a trading update.

It said the likely sale of businesses, together with the impact of the still difficult environment in Europe where it makes around half of its revenue, could give rise to a non-cash impairment charge in its 2013 accounts.

CRH shares closed 2.7% higher in Dublin on the back of the company's statement.

After an unusually long period of bad weather led to a sharp fall in first-half earnings, CRH said revenue rose to €5.4 billion between July and September on the back of better weather in the US.

Third quarter earnings before interest, tax and deprecation rose to €0.66 billion despite the negative effect of currency movements.

Revenues in the US, where CRH is the leading producer of asphalt for highway construction, grew 4% year on year while sales in Europe fell by 1% after a 10% slide in the first half.

CRH reiterated that second-half earnings before interest, taxes, depreciation and amortisation (EBITDA) were expected to be in line with last year.

France's Saint-Gobain, Europe's biggest supplier of building materials, stuck to its full-year targets last month and is also seeing an upturn in the US.

CRH also said it had identified cost savings of €175m for 2014 and 2015, on top of €195m this year and a total of €2.4 billion since 2007.