CRH recorded a 20% rise in pro-forma earnings after day-to-day expenses (EBITDA) for the first half of the year to €1.12 billion, which was largely boosted by a strong performance in the Americas.
On a pro-forma basis, sales between January and June were 8% higher at €12.69 billion, when compared with the same period last year.
The building materials group saw a 39% jump in EBITDA profit in the Americas, a 7% rise in Asia, while its European profit was 5% higher for the period – all on a pro-forma basis.
Sales in all three geographical locations were also significantly up during the first half of the year.
CRH said its operating cash outflow for the first half of the year of €300m was better than the normal seasonal pattern, while net debt at the end of June was €7.1 billion – which keeps the firm on track to deliver year-end debt that is at or below normalised levels.
Commenting on the results, company CEO Albert Manifold said: “We have had a very satisfactory first half, with good performance from our heritage businesses and contributions from 2015 acquisitions delivering significant profit growth for CRH.
“As always, we have maintained a strong focus on cash management, and with de-leveraging ahead of plan, I am pleased to report that we expect year-end debt metrics to be at, or below, normalised levels.
“Against this backdrop, the Board has decided to increase the interim dividend by 1.6% to 18.8c per share.
“With continued positive momentum in the Americas and the modest impact of early-stage economic recovery in Europe, and assuming normal weather conditions for the remainder of the season, we expect further progress in the second half with full year reported EBITDA in excess of €3 billion,” Mr Manifold concluded.
