Building group CRH add firepower with 5% increase in earningd

Sales fell last year but earnings jumped 5%

CRH Chief Executive Albert Manifold said they are well-positioned to capitalise on the growth opportunities that lie ahead.

Building material giant CRH recorded strong sales last year despite Covid-related lockdowns on the construction sector.

The company saw sales of almost €23bn which is a fall of 2%. However CRH's Ebitda - earnings before interest, tax, depreciation and amortisation - increased 5% to €3.8bn.

Chief Executive Albert Manifold, Chief Executive, said they have delivered record levels of profitability, margins and cash generation. 

"Although the near-term outlook remains uncertain, our unique portfolio of businesses together with the strength of our balance sheet leaves us well-positioned to capitalise on the growth opportunities that lie ahead," he said.

Analyst Richard Flood of Brewin Dolphin Ireland said CRH has produced a strong set of results with increased profits and has shown confidence in the future with a 25% increase in its dividend. 

"Notably the company is positioned very strongly for the future with substantial financial firepower to make acquisitions and buy back its own shares. The company’s significant exposure to the US economy positions it very well for any infrastructure stimulus the new US president may introduce.”