CRH sees losses hit €70m in first half

CRH has lowered its full-year growth expectations after posting a loss of more than €70m for the first half of 2013.

The Dublin-based concrete and cement products giant blamed a tough trading backdrop in Europe, poor weather conditions, and a continually tough pricing environment for a harsh first-half performance.

CRH recorded a €71m pre-tax loss; a 3% annualised drop in revenue to just over €8bn; a 24% reduction in earnings before interest, taxes, depreciation, and amortisation (EBITDA) to €397m; and a €121m drop in operating profit to €41m.