CRH plc, has released its Interim Results for the six months ended 30 June 2016.
- Strong profit delivery
- Good operating leverage
- Margins and returns ahead in all divisions
- Good cash management
- De-leveraging ahead of plan
- Interim dividend per share increased 1.6% to 18.8c
- Reported sales increased 35% to €12.7 billion. Reported EBITDA more than doubled to €1.12 billion.
- Proforma1 sales up 8%; up 3% in Europe, up 13% in the Americas and up 4% in Asia.
- Proforma EBITDA increased 20%; up 5% in Europe, up 39% in the Americas and up 7% in Asia.
- Proforma EBITDA margin 9.0% (proforma H1 2015: 8.1%).
- Operating cash outflow of €0.3 billion; better than the normal seasonal pattern.
- Net debt at 30 June of €7.1 billion; on track to deliver year-end debt metrics at or below normalised levels.
Albert Manifold, Chief Executive, said today:”We have had a very satisfactory first half, with good performance from our heritage businesses and contributions from 2015 acquisitions delivering significant profit growth for CRH. As always, we have maintained a strong focus on cash management, and with de-leveraging ahead of plan, I am pleased to report that we expect year-end debt metrics to be at, or below, normalised levels. Against this backdrop, the Board has decided to increase the interim dividend by 1.6% to 18.8c per share. With continued positive momentum in the Americas and the modest impact of early-stage economic recovery in Europe, and assuming normal weather conditions for the remainder of the season, we expect further progress in the second half with full year reported EBITDA in excess of €3 billion.”
Adapted form press release by Rebecca Bowden
Read the article online at: https://www.worldcement.com/europe-cis/25082016/crh-interim-results-52/