American operations boost CRH

Construction materials company CRH has said a strong performance in its American operations boosted its full-year results for 2012, and offset weakening confidence in Europe.

The company's sales were up 3% to €18.7bn, with American sales up 15% and European sales down 7%. Net debt fell by €500m to under €3bn. Dividend per share has been maintained at 62.5c.

CRH delivered cost savings of €166m last year and plans further savings of about €300m up to 2015.

Chief executive Myles Lee - who is set to retire at the end of this year - said: "Results for 2012 reflect progress from CRH's Americas operations helped by a strong recovery in residential construction and improving overall economic activity in the United States.

"In contrast, our European businesses had to contend with weakening consumer and investor confidence within the Eurozone.

"Assuming no major financial or energy market dislocations, we expect that ongoing improvements in our businesses in the Americas combined with further profit improvement initiatives throughout our operations will outweigh continuing trading pressures in our European segments, enabling the group to achieve progress in 2013."