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News : Irish Last Updated: Apr 24, 2009 - 5:31:05 PM


CRH says full year 2008 reported profit before tax may show a high single digit percentage decline compared with the record 2007 outturn
By Finfacts Team
Jul 2, 2008 - 7:17:12 AM

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CRH Chief Executive Liam O’Mahony rings The Opening Bell on April 4, 2006 at the New York Stock Exchange. CRH is the largest US building materials group.

CRH plc, the Dublin headquartered international building materials group, today issued a trading statement for the six months ended 30 June 2008. The Interim Results for 2008 are due to be announced on Tuesday 26 August 2008. CRH said it anticipates that full year 2008 reported profit before tax may show a high single digit percentage decline compared with the record 2007 outturn of €1.904 billion.

Detail

Highlights

  • CRH expects first half 2008 profit before tax of approximately €0.6 billion compared with €0.67 billion reported for the corresponding period in 2007. This includes an adverse translation effect of approximately € 20 million principally attributable to a weaker US Dollar (H1 2008: 1.5304 vs H1 2007: 1.3291)

     
  • Acquisition spend in the first half of 2008 was over €0.7 billion.
     
  • With continuing strong cash flow CRH’s rolling twelve month EBITDA/net interest cover to end-June is expected to remain very comfortable at approximately 9 times (full year 2007: 9.4 times).
     
  • In Europe, CRH anticipates an increase of approximately 5% in operating profit (H1 2007: €0.495 billion) with strength in central Eastern Europe together with acquisition contributions more than offsetting declines in Ireland, UK and Spain.

     

  • The expectation is for first half 2008 operating profit from our Americas activities to be close to US$ 0.3 billion (2007: US$ 0.367 billion). Trading in our Americas Materials division was particularly affected by exceptionally wet weather in May and June.


     
  • Since January, CRH has bought back a total of approximately 14 million shares, equivalent to 2.6% of Ordinary Shares in issue at year-end 2007, under the share repurchase programme.
     
  • CRH says that the ongoing negative economic developments and financial market pressures of recent months are having an impact on business sentiment leading to weaker demand. Against this background, CRH’s geographic, sectoral and product balance continues to underpin performance and cash flow. "We have implemented significant cost reduction measures over the past 18 months and, as we move into the more important second half, we have intensified our emphasis on operational efficiency and commercial delivery across our businesses," the statement states.
     
  • Based on recent trends and continuing US Dollar weakness, which at current levels would have an adverse translation impact of over €80 million, CRH anticipates that full year 2008 reported profit before tax may show a high single digit percentage decline compared with the record 2007 outturn of € 1.904 billion. The expected decline in earnings per share will be less due to the ongoing share buyback and an expected lower percentage tax charge.

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