CRH plc 2005 interim results - six months ended 30th June 2005
30 August 2005
|Year ended 31st December ||2005 |
|% change |
|Sales ||6,329 ||5,608 ||+ 13% |
|Operating profit * ||445 ||370 ||+ 20% |
|Profit before tax ||383 ||319 ||+ 20% |
| ||euro cent ||euro cent || |
|Earnings per share ||56.0 ||47.8 ||+ 17% |
|Cash earnings per share ||105.4 ||95.0 ||+ 11% |
|Dividend ||11.25 ||9.6 ||+ 17% |
* Operating profit before profit on disposal of fixed assets.
- Total operating profit for our Europe operations, including acquisition contributions, grew by 2% to euro 277 million.
- In Europe Materials, operating profit improved 12% to euro 141 million reflecting a full first half share of profit from Secil (acquired June 2004) in Portugal.
- Europe Products was impacted by generally subdued trading and severe March weather. Operating profit fell 10% to euro 86 million, principally due to a sharp decline in results from Insulation activities.
- Operating profit of euro 50 million from Europe Distribution was 2% ahead of 2004 against a background of subdued Dutch retail demand and poor weather early in the year.
- Total operating profit for the Americas operations increased by 68% to euro 168 million.
- Americas Materials exceeded expectations with good volume and price improvements delivering a significant reduction in the traditional first half trading loss from euro 32 million in 2004 to euro 4 million.
- With continuing strong US residential construction and ongoing recovery in non-residential construction, Americas Products delivered a 26% increase in operating profit to euro 144 million.
- Americas Distribution performed particularly strongly reporting a 58% increase in operating profit to euro 28 million.
- Currency translation effects had a euro 2 million adverse impact at profit before tax level.
- The interim dividend has been increased by 17%. This follows a 17% increase in the full year 2004 dividend making 2005 the 22nd consecutive year of dividend increase.
- Total first half development spend amounted to euro 231 million.
Liam O’Mahony, Chief Executive, said today:
“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.
The Group will continue to benefit in the second half from strong markets in its American operations and from a sustained focus on input cost recovery and operational performance. Although this will be offset to some extent by the recent surge in energy costs we nevertheless expect to make further progress in the more important second half of the year."
Announced Tuesday, 30th August 2005
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