FURTHER GROWTH FOR CRH
CRH has reported higher revenues as profits jumped by 31% to €2.521 billion.
The overall trading environment for the Group in 2018 was positive with good demand and continued favourable market fundamentals in the Americas coupled with positive underlying momentum in Europe; both experienced against a backdrop of energy-related input cost inflation and significant weather disruption throughout the year.
Sales of €26.8 billion for the periord were 6% ahead of 2017 and 3% ahead on a like-for-like basis, relfecting the benefit of acquisitions together with dynamics in each of the Group’s regions and Divisions.
Albert Manifold, Chief Executive, said:
“2018 was another year of record profit delivery for CRH. We benefited from good demand and continued favourable market fundamentals in the Americas coupled with positive underlying momentum in Europe. Both were experienced against a backdrop of energy-related input cost inflation and significant weather disruption throughout the year but with a continued focus on performance improvement and operational delivery, margins were ahead of last year. Supported by strong cash generation, we continued to deliver value through efficient capital management, completing €3.6 billion of acquisitions and €3.0 billion of disposals, while returning €0.8 billion to shareholders in the year through our share buyback programme. CRH remains well positioned to build upon the gains made in 2018. With a relentless focus on continuous business improvement, margin expansion, cash generation and returns for shareholders, together with continued strong financial discipline and efficient allocation of capital, we believe 2019 will be a year of progress and further growth for the Group”
Key Points
- Record EBITDA1 delivery at €3.37 billion
- Continued profit growth and margin improvement amid weather disruption and an inflationary cost environment
- Strong financial discipline maintained with €2.4 billion operating cash flows from continuing operations and year-end net debt/EBITDA of <2.1x
- Share buyback programme continues; €0.8 billion returned to shareholders in 2018
- Dividend per share increased 6% to 72.0c
- Profit improvement programme progressing well
Trading Highlights
- Sales of €26.8 billion, 6% ahead of 2017
- Like-for-like sales ahead 3%; up 2% in Europe, 4% in the Americas and 8% in Asia
- EBITDA of €3.37 billion, 7% ahead of 2017
- Like-for-like EBITDA ahead 3%; up 3% in Europe and the Americas and down 44% in Asia
- EBITDA margin of 12.6% (2017: 12.5%)
- EPS from continuing operations of 172.0c per share, 11% ahead of 2017 adjusted EPS (excluding 2017 one-off gains)