CRH has reported a 5% increase in sales revenue for the year ended 31 December, finishing at €18 192 million. EBITDA was up 11% at €1641 million and operating profit before impairment rose 29% to €966 million. The group recorded cash inflow of €0.9 billion from operations and achieved cost savings of €118 million, bringing the cumulative total to €2.5 billion. Year-end net debt was €2.5 billion.
CEO Albert Manifold said: “2014 was a year of strong strategic, operational and financial progress for CRH. We were able to use the underlying strength of our business to capitalise on the recovering markets and deliver a return to profit and margin growth. With further improvements expected in market conditions across our main geographies, together with easing commodity prices, the benefits of cost efficiencies and a favourable exchange translation effect, we expect 2015 to be another year of progress.”
An improving economic backdrop, including growth in the US and some degree of normalisation in Europe, is named as a contributor to the company’s positive performance. Alongside this is the group’s focus on performance and operation delivery, strong cash generation and financial discipline and balance sheet strength.
In total, the group made acquisitions and investments of €0.19 billion in 2014 and achieved divestment and disposal proceeds of €0.35 billion, with a further €0.58 billion due to complete in 1Q15.
Adapted from press release by Katherine Guenioui