Irish materials firm reports reports 20% increase in pre-tax profit, despite decline in European results.
Irish materials firm CRH made up for a poor performance in Europe with strong US results, ending the first half of the year with an overall 20% increase to 拢261m in pre-tax profits, up from 拢217m for the same period last year.
Turnover rose by 13% to 拢4.3 bn from 拢3.8 bn in the six months to June 30 2004. Total European operating profit, including acquisitions, grew by just 2% to 拢188m, in sharp contrast to the US鈥� operating profits jump of 68% to 拢114m.
Liam O'Mahony, CRH chief executive, said: 鈥�'CRH has had a strong first half profit outcome with good organic growth from the Americas significantly outweighing a decline in Europe, and a satisfactory incremental contribution from 2004 and 2005 acquisitions."
CRH said it expected to benefit from strong markets in the USA during the second half with a focus on keeping costs low to offset rising energy costs. Demand for materials in the Irish market is strong and an improved performance is expected.
