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CRH eyes record earnings over €3bn after first-half surge

Building materials group’s stock has risen recently on talk of joining Euro Stoxx 50.

CRH, Ireland’s largest publicly-quoted company, sees its full-year earnings topping €3 billion for the first time ever after reporting first half figures that were slightly ahead of the its recently raised guidance.

The building materials giant’s interim earnings before interest, tax, depreciation and amortisation more than doubled to €1.12 billion, buoyed by its biggest ever acquisition last year. The Dublin-based company raised its first-half guidance by 10 per cent to €1.1 billion.

Positive momentum

“With continued positive momentum in the Americas and the modest impact of early-stage economic recovery in Europe, and assuming normal weather conditions for the remainder of the season, we expect further progress in the second half with full year reported ebitda in excess of €3 billion,” chief executive Albert Manifold said.

Analysts, on average are forecasting ebitda of €3.1 billion for the group for 2016 as a whole.

Shares in the group rose 1 per cent to €29.40 in early trading in Dublin on Thursday.