CRH posts 280% increase in half-year profits

Building materials group CRH today posted profits before tax of €95m for the six months to end June, a 280% rise on the €25m pre-tax profits posted for H1 2010.

The company said the increase was driven by products and distribution operations in Europe and the Americas.

Overall revenues for the six months rose by 7% to €8.166bn, and the company said its balance sheet remains one of the strongest in the sector.

The group said earnings per share for the half were well ahead of last year at 10.7c (H1 2010: 2.6c). It has opted to keep its interim dividend unchanged at 18.5c.

"The positive outcome for the first half of 2011 clearly demonstrates the advantages of CRH's product and sectoral end-use balance and the benefits of the extensive reorganisation and restructuring measures implemented in response to the exceptionally difficult markets of recent years," said CEO Myles Lee.

"Looking to the second half, downward revisions to economic growth estimates over recent months, combined with the extreme turbulence evident in world financial markets over the past few weeks, have added to market risks and uncertainties.

"Against this background we continue to focus on operational and commercial excellence, on delivering the price increases necessary to recover higher input costs in our businesses and on delivering a year of progress for CRH in 2011."