Republic firms in Europe hit hard by slowdown

THE rapidly slowing European economy is starting to hurt Irish companies with a strong presence on the continent.

As a result, CRH, the Dublin-based building materials supplier, which is one of the world’s leading players, will see profits fall more than previously expected.

Citigroup said CRH’s earnings in the current year will suffer “a low to mid-teens percentage decline” in pre tax profits which is two to three percent lower than the group’s earlier forecast.