CRH 2003 profits to beat forecasts
The market had expected profits to fall as a result of the slide in the dollar against the euro. Currency movements cost the group€86 million during the year. This was offset by income from new acquisitions and a strong performance by the group's Irish cement and concrete operations.
Yesterday's trading statement said profits would have been 10% higher than the previous year if the effects of currency changes were excluded. CRH said the first half of 2003 saw business affected by poor weather conditions in both Europe and the US, which slowed construction activity and hampered demand for the group's products. Business recovered strongly in the second half.
