Ireland: CRH plc, the Dublin-based international building materials group, has reported a 280% increase in pre-tax profit to Euro95m for the six months to 30 June 2011. The first half of 2010 saw a pre-tax profit of just Euro25m.
Turnover in the first half of 2011 was up by 7% to Euro8.1bn compared to the same period of 2010 when it was Euro7.6bn. Earnings before interest, tax, depreciation and amortisation rose by 10% to Euro574m from Euro520m in 2010. CRH said the increase in profit was largely driven by its Products and Distribution operations in Europe and the Americas.
The group's net debt at 30 June 2011 was down by 17% year-on-year to Euro3.9bn, compared with Euro4.7bn at 30 June 2010. Cash spent in the first six months amounted to Euro163m, while proceeds from disposals amounted to Euro392m.
Commenting on the results, CRH chief executive Myles Lee said that the improved results demonstrated the benefits of the group's recent reorganisation and restructuring, which has been carried out in response to 'exceptionally difficult markets' in recent years.
Looking forward, Lee said that CRH would continue to focus on, "Operational and commercial excellence, delivering the price increases necessary to recover higher input costs in our businesses and on delivering a year of progress for CRH in 2011." He added that this would be difficult given the recent turbulence seen in the global stock markets.
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