CRH profit rises on strong US construction demand
CRH reported a 21% rise in annual profit as the building materials supplier benefited from strong infrastructure and commercial construction in the US and solid trading in Europe.
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Pretax profit for the year to the end of December rose to €2.1bn (£1.8bn) from €1.7bn a year earlier as revenue increased to €25.1bn from €23.2bn.
Operating profit at the Americas materials division rose 26% to €1.3bn as a slow start to the year caused by wet weather gave way to higher volumes and prices in the second half. The Europe materials business posted a 14% increase in operating profit to €555m as strong trading in eastern Europe, France and Ireland offset difficult conditions in the UK.
Albert Manifold, CRH's chief executive, said: "CRH delivered good profit growth in 2019 supported by positive momentum in our heritage businesses and strong contributions from recent acquisitions. With a continuing focus on margin expansion, cash generation and enhanced returns for shareholders, we believe that 2020 will be a year of further progress for the group."
The FTSE 100 company announced a final dividend of 63 cents a share, taking the annual payout to 83 cents - up from 72 cents in 2018.
The company's shares fell 3.2% to £26.12 at 08:10 GMT.