The Irish building materials group CRH recorded growth in the first half of the year despite rising costs.
Earnings before interest, taxes, depreciation and amortization (EBITDA) were US$2.2 billion (EUR2.2 billion), up 21 percent from the same period last year.
Group sales of USD 15 billion (EUR 14.97 billion) were 14 percent higher than in the first half of 2021.
Demand was also noted in North America, with American material sales up 12 percent ahead of 2021 on a like-for-like basis.
This came despite unfavorable weather conditions affecting activity in certain regions, the building materials giant said.
Materials sales in Europe were 14 percent higher than last year, with the group attributing the increase to “strong pricing momentum across products” to address the inflationary cost environment.
Building products benefited from demand for repair, maintenance, improvement and utility infrastructure work in both North America and Europe, with sales now up 11 percent ahead of 2021.
CRH added that its Irish operations got off to a strong start to the year due to the easing of Covid restrictions that impacted operations in the same period last year.
The company expects full-year EBITDA to reach $5.5 billion in a “challenging cost environment,” up from $5 billion in 2021.
CRH also expects the Americas Materials business to be supported by strong demand but believes the trading environment in Europe will be challenged by a number of factors including inflation, macroeconomic uncertainty and ongoing geopolitical tensions.
“CRH has delivered another strong performance with continued revenue, EBITDA and margin growth despite a challenging and volatile cost environment,” said Chief Executive Albert Manifold.
“This achievement reflects the continued execution of our strategy for integrated and sustainable solutions. Looking ahead, despite some ongoing cost headwinds, the strength of our balance sheet and the resilience of our business mean we are well positioned to deliver superior value to all of our stakeholders.”
https://www.independent.ie/business/irish/crh-records-growth-in-sales-and-profits-despite-volatile-cost-environment-41935881.html CRH posts revenue and profit growth despite ‘volatile cost environment’