CRH posted strong results for 2005 and provided an upbeat outlook for the current year. The group, which earns over half of its profits in the US, said pretax rose 16 per cent to Euro 1.279bn as continued strength in the North American construction industry help push turnover up 13 per cent to Euro 14.449bn. The results were in line with a January trading statement.
Looking ahead, CRH chief executive Liam O’Mahony said the company had entered the new year with ’good momentum’, and that the outlook for 2006 was ’on the whole positive’.
A ’gradual pick-up’ in the broader European economy would boost sales, while in the US, non-residential construction would continue to recover, thanks to the recent passage of the new Highway Bill, said O’Mahony. The latter would offset a ’moderation’ in US house building, he added.
Meanwhile in its largest European market, the Netherlands, CRH is looking for a ’pick-up’ in the economy fuelled by growth in housing construction and rising consumer confidence.