CRH says year started well; European ops outweighing challenging Americas market
CRH has said its the year has started well with a strong performance across its European activities outweighing more challenging conditions in the Americas.
In an AGM statement, CRH said its overall trading in the first four months of the year is ahead of last year -- with a particularly strong start from its operations in Europe. Development activity has been brisk with about 400 mln eur invested in acquisitions and investments, including buying a 50 pct stake in Denizli Cement in Turkey.
Of its Europe Materials business, CRH reported favourably on its operations in Ireland, Finland and the Baltic states, Poland, the Ukraine, Switzerland, Spain and Portugal.
’Europe Materials has benefited significantly to date from very favourable seasonal weather conditions and a continuing positive demand and pricing environment in most of its major markets,’ CRH said in a statement.
’In Europe Products, improving economies and favourable building conditions through the winter months have contributed to a marked uplift in operating performance,’ it said, noting its Europe Distribution operations had delivered an improved performance.
In the Americas, CRH’s products operations has had a challenging start with the ongoing decline in new residential markets since mid-2006 leading to tough first half comparatives, it said.
Published under Cement News
