Shares in CRH (LON:CRH) have advanced in London in today’s session, after the Irish building materials group updated investors on its full-year performance posting a rise in sales and earnings. The company, which inked a deal to buy Ash Grove Cement last year, has also signalled that it is eyeing more deals going forward.
As of 13:33 GMT, CRH’s share price had added 2.91 percent to 2,472.00p, outperforming the broader UK market, with the FTSE 100 having lost 0.73 percent to 7,178.79 points. The group’s shares have lost more than 17 percent of their value over the past year, as compared with a 2.85-percent fall in the benchmark index.
CRH posts results
CRH announced in a statement today that its sales had climbed two percent to €27.6 billion last year, while its earnings before interest, taxes, depreciation and amortisation had increased six percent to €3.3 billion. The group’s earnings per share meanwhile spiked 51 percent to 226.8c and CRH hiked its payout to shareholders by five percent to 68.0c.
“2017 was a year of continued profit growth for CRH,” CRH’s chief executive Albert Manifold commented in the statement, adding that the company had benefitted from increases in underlying demand in the Americas and positive momentum in Europe.
Group eyes more deals
Manifold further told Reuters that the blue-chip group, which generated €2.2 billion of cash last year, was already looking toward new deals. Last year, CRH spent a total of €1.9 billion on 34 acquisition/investment transactions.
“There are lots of opportunities out there,” CRH’s chief executive pointed out. “I think as soon as we’ve got the work done we need to do on the integration, we’ll be moving back to the table.”