CRH lifts FY core profit guidance

Building materials group CRH said on Thursday that it was lifting its full-year guidance as it posted a jump in second-quarter core profits.

In the three months to 30 June, adjusted earnings before interest, tax, depreciation and amortisation rose 12% to $2.3bn, with revenue broadly flat at $9.7bn.

The adjusted EBITDA margin improved by 270 basis points to 23.4% in Q2.

The company said it now expects full-year adjusted EBITDA of between $6.82bn and $7.02bn and net income of $3.70bn to $3.85bn. It had previously forecast adjusted EBITDA of between $6.55bn and $6.85bn.

Chief executive Albert Manifold said: "We are pleased to report another period of further profit growth and margin expansion for CRH. The execution of our differentiated solutions strategy continues to deliver robust financial performance, while the strength of our balance sheet and relentless focus on the disciplined allocation of our capital enables us to capitalize on the opportunities we see for further growth and value creation.

"Reflecting the strength of our financial performance, the positive underlying momentum in our business as well as the positive contribution from recent portfolio activity, we are raising our guidance and remain well positioned to deliver another record year in 2024."