CRH shares tumble by 6%

SHARES in building materials giant CRH fell over 6%, or by more than €1 in monetary terms, yesterday, on the back of the group stating that the decline in its full year revenues is likely to be “greater than previously anticipated”.

The first-half trading update from the group – the biggest name on the Irish Stock Exchange – also warned that operating profit for the six months up to the end of June (CRH is due to issue its half-year financial results towards the end of next month) will likely be around half that of the €240m reported for the first half of 2009.

While pre-tax profits amounted to €100m at the halfway stage last year, this year’s first-half figures are likely to show a break-even level in this respect.