CRH raises guidance as it delivers results ahead of market expectations

Building materials group CRH announced interim figures ahead of expectations for the first half of its year as Irish markets opened on Thursday.

On the basis of adjusted earnings before interest, tax, depreciation and amortisation , the company improved its performance by 12 per cent to $2.3 billion in the second quarter.

CRH which moved its main stock listing to the New York Stock Exchange in September last year is no longer listed in Dublin. In London, where the shares also trade, CRH was up 2.54 per cent in early trading on the back of the results. On the disposal side, CRH sold businesses worth $400 million in the second quarter and $1.1 billion in the firts half of the year, including the first two phases of its planned exit from the European lime sector. The sale of the rest of that business is expected to be completed before the end of the year.

“Both the organic and M&A contributions are better than expected,” he said, noting that while the group’s industry peers had reduced full year guidance by up to 7 per cent, CRH was upgrading its guidance by 3 per cent.

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