CRH is expecting first half results this year to be down on 2007 levels due to the weak state of the US dollar

CRH expects its first half profit before tax for 2008 to be €600million, down from €670million for the same period in 2007, according to an interim trading statement from the company. CRH’s full H1 results are expected at the end of August but the company has warned that profits will be lower than last year and has blamed weakening of the US dollar and declining markets.

The US business is expected to post an 18% drop in operating profits compared to the same period last year due to market conditions and adverse weather effects. The weakened state of the US dollar to the Euro is also expected to impact on the results by €20million, with an €80million impact forecast for the full year.

Nonetheless, the company is expecting a 5% rise in profits from its European operations with strengthening in its Central and Eastern European business, along with acquisitions, offsetting declines in the UK, Irish and Spanish markets.