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2002 interim results

03 September 2002

Six months ended 30th June 2002

2002 2001 % change

euro euro
Sales 4,801 4,496 +7%
Operating profit * 295 296 -
Profit before tax 196 186

euro cent euro cent

Earnings per share - before goodwill amortisation 33.51 32.95 +2%
Earnings per share - after goodwill amortisation 26.78 27.36 -2%
Cash earnings per share 76.59 75.79 +1%
Dividend 7.43
6.75 +10%

* Operating profit including share of joint ventures but before goodwill amortisation and profit on disposal of fixed assets.

  • Operating profit in the Republic of Ireland fell by 8% to euro 60.4 million against a background of a c.10% decline in overall construction activity compared with the first half of last year. Despite volume declines in most products, price improvements and production / supply efficiencies in our cement operations helped maintain margins.
  • In Britain and Northern Ireland, operating profits fell by 15% to euro 29.5 million, with phased price increases during the period not sufficient to offset higher energy costs for our brick operations, and weaker activity in all sectors in Northern Ireland.
  • In Mainland Europe, overall operating profits increased by 24% to euro 93.6 million. The results benefited from the incremental impact of inclusion of results from acquisitions and investments, while underlying operations recorded slightly lower profits against a background of weak demand and increased competition in many of our major markets.
  • Operating profit in The Americas declined by 7% to euro 111.3 million. The impact on the Materials Division of unseasonably wet weather in May and early June, and the continued market weakness affecting our Precast Group, were only partly offset by strong starts to the year by the Architectural Products, Glass and Distribution Groups.
  • Development activity continued with euro 607 million spent on 20 acquisitions.

Liam O’Mahony, Chief Executive, said today:

“We believe these results demonstrate clearly the merits of our balanced spread of operations across both geographical regions and construction sectors. Conditions in many of our markets are tougher than in recent years and the weaker US Dollar will have an impact for the year as a whole. We continue our determined internal emphasis on cost efficiency, overhead reduction and cash flow generation. We are confident that these efforts, combined with contributions from 2001 and 2002 acquisitions and normal second half weather patterns, will lead to a year of further progress in 2002.”

Contact CRH at Dublin: +353 (0) 1 404 1000

Liam O’Mahony Chief Executive
Harry Sheridan Finance Director
Myles Lee General Manager - Finance

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