CRH paints solid Q1 trading picture

CRH has posted solid Q1 results, with total revenues up 2% to US$6.5 billion (€6.041bn). 
Quarry Products / May 10, 2024
By Guy Woodford
CRH HQ in Dublin, Ireland. Pic: CRH

The Irish building materials giant's performance is said to have been driven by positive pricing, early-season activity and benign weather in key markets.

CRH chief executive Albert Manifold says positive pricing momentum was among the factors enabling the Group to post good first quarter trading numbers. Pic: CRH 

CRH's integrated solutions strategy is said to be delivering further growth in key financial metrics. The Group's $2.1 billion cement and ready-mixed concrete assets acquisition in Texas was completed during the quarter, with $60 million run-rate synergies identified. CRH reached a $0.7 billion agreement to acquire majority stake in Adbri in Australia, and seven other strategic bolt-on acquisitions totalling $0.1 billion were finalised in Q1.

Albert Manifold, CRH chief executive, said: "We are pleased to report a good first quarter performance in what is the seasonally least significant period for our business. That performance was supported by positive pricing momentum, early-season project activity, favourable weather in certain regions, and the contribution from acquisitions. We believe the strength of our balance sheet together with our relentless focus on the efficient allocation of our capital enables us to capitalise on the opportunities we see for further growth and value creation in 2024 and beyond. Given this backdrop, we are pleased to reaffirm our previous guidance for 2024."

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