CRH posts €732m pre-tax profit

Construction materials group CRH has posted a €732m pre-tax profit for 2009, down 55% on its 2008 profit of €1.628bn.

Revenue was down 17% to €17.373bn while EBITDA was €1.803bn, down 32% on the previous year but in line with guidance issued in January.

The company said it was issuing a final dividend of 62.5c per share, up from 62.2c in 2008.

"Residential and non-residential markets declined during 2009 in both Europe and the US, with government-funded infrastructure investment only partially compensating," said CEO Myles Lee.

"We expect a difficult demand backdrop through much of 2010 with continuing declines in non-residential activity across our markets not helped by a poor start to the year as a result of prolonged severe weather in Europe and North America during January and February."

Lee said that "significant adjustments" to the company's cost base, ongoing restructuring measures and itsl balance sheet capacity had left it well positioned to respond to increases in demand and to avail of acquisition opportunities.