CRH plc, the global building materials group, issues Full Year Results for the year ended 31 December 2018.

Key Points
  • Record EBITDA1 delivery at €3.37 billion
  • Continued profit growth and margin improvement amid weather disruption and an inflationary cost environment
  • Strong financial discipline maintained with €2.4 billion operating cash flows from continuing operations and year-end net debt/EBITDA of <2.1x
  • Share buyback programme continues; €0.8 billion returned to shareholders in 2018
  • Dividend per share increased 6% to 72.0c
  • Profit improvement programme progressing well
Trading Highlights
  • Sales of €26.8 billion, 6% ahead of 2017
  • Like-for-like sales ahead 3%; up 2% in Europe, 4% in the Americas and 8% in Asia
  • EBITDA of €3.37 billion, 7% ahead of 2017
  • Like-for-like EBITDA ahead 3%; up 3% in Europe and the Americas and down 44% in Asia
  • EBITDA margin of 12.6% (2017: 12.5%)
  • EPS from continuing operations of 172.0c per share, 11% ahead of 2017 adjusted EPS (excluding 2017 one-off gains)
Year ended 31 December2018
Sales revenue26,79025,220+6%
EBITDA margin12.6%12.5%+10bps
Operating Profit (EBIT) from continuing operations2,1772,095+4%
Profit after tax from continuing operations1,4361,812
Profit after tax from discontinued operations1,085107
Group profit for the financial year2,5211,919+31%
Basic earnings per share (€ cent)302.4226.8+33%
Basic/adjusted* earnings per share from continuing operations (€ cent)172.0154.3+11%
Dividend per share (€ cent)72.068.0+6%

*2017 basic earnings per share from continuing operations of 214.0c is adjusted to exclude the one-off impact of changes in corporate tax rates in the United States and a Swiss pension plan past service credit.

Chief Executive Statement

Albert Manifold, Chief Executive, said today:

“2018 was another year of record profit delivery for CRH. We benefited from good demand and continued favourable market fundamentals in the Americas coupled with positive underlying momentum in Europe. Both were experienced against a backdrop of energy-related input cost inflation and significant weather disruption throughout the year but with a continued focus on performance improvement and operational delivery, margins were ahead of last year. Supported by strong cash generation, we continued to deliver value through efficient capital management, completing €3.6 billion of acquisitions and €3.0 billion of disposals, while returning €0.8 billion to shareholders in the year through our share buyback programme. CRH remains well positioned to build upon the gains made in 2018. With a relentless focus on continuous business improvement, margin expansion, cash generation and returns for shareholders, together with continued strong financial discipline and efficient allocation of capital, we believe 2019 will be a year of progress and further growth for the Group”

Announced Thursday, 28 February 2019

1 See pages 34 to 39 for glossary of alternative performance measures (including EBITDA, net debt/EBITDA, EBITDA net interest cover, adjusted EPS and like for like) used throughout this report.

In order to utilise the “Safe Harbor” provisions of the United States Private Securities Litigation Reform Act of 1995, CRH public limited company (the “Company”), and its subsidiaries (collectively, “CRH” or the “Group”) is providing the following cautionary statement.

This document contains certain forward-looking statements with respect to the financial condition, results of operations, business, viability and future performance of CRH and certain of the plans and objectives of CRH. These forward-looking statements may generally, but not always, be identified by the use of words such as “will”, “anticipates”, “should”, “expects”, “is expected to”, “estimates”, “believes”, “intends” or similar expressions.

By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that may or may not occur in the future and reflect the Company’s current expectations and assumptions as to such future events and circumstances that may not prove accurate.

A number of material factors could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements, certain of which are beyond our control, as detailed in the section entitled “Risk Factors” in our 2016 Annual Report on Form 20-F as filed with the US Securities and Exchange Commission.

You should not place undue reliance on any forward-looking statements. These forward-looking statements are made as of the date of this document. The Company expressly disclaims any obligation to update these forward-looking statements other than as required by law.

The forward-looking statements in this document do not constitute reports or statements published in compliance with any of Regulations 6 to 8 of the Transparency (Directive 2004/109/EC) Regulations 2007.

CRH will host a webcast and conference call at 8.30am GMT, 28 February 2019, to discuss this announcement. Registration details can be found on the Results Centre section of the website.

Contact CRH at Dublin 404 1000 (+353 1 404 1000)
Albert ManifoldChief Executive
Senan MurphyFinance Director
Frank HeisterkampHead of Investor Relations