CRH posts strong first nine months & Q3 2023 numbers

CRH Group sales for the nine months ended 30 September 2023 amounted to US$26.3 billion, an increase of 8% compared with the corresponding period in 2022, or 3% ahead on a like-for-like basis. The positive momentum experienced by the Irish global building materials giant in the first half of the year continued into the third quarter, underpinned by strong commercial progress and positive underlying demand across key end-use markets.
Quarry Products / November 21, 2023
By Guy Woodford
CRH CEO Albert Manifold has welcomed the Group's strong first nine months and Q3 2023 trading performance. Pic: CRH

CRH third-quarter sales in Americas Materials Solutions were ahead of the prior year, driven by strong pricing progress across all business lines, offsetting lower activity levels resulting from unfavourable weather in certain regions. Q3 sales in Americas Building Solutions were ahead of last year's Q3, driven by increased pricing and contribution from acquisitions, while like-for-like sales were in line with the prior year. Europe Materials Solutions delivered positive sales growth in Q3, driven by good commercial management and a currency tailwind, which offset the impact of lower activity levels. Third-quarter sales in Europe Building Solutions continued to be impacted by subdued new-build residential activity, and like-for-like sales were behind the prior year.

CRH sand quarry
CRH's Dragle sand and gravel quarry in Poland. Pic: CRH

Albert Manifold, CRG chief executive, said: "'I am pleased to report another strong performance for our business. Our integrated solutions strategy continues to deliver superior growth, while our strong cash generation and disciplined approach to capital allocation enable us to create additional value for our shareholders. Looking ahead to the remainder of the year, we are raising our guidance and expect to deliver full-year EBITDA of approximately $6.3 billion, representing another record year for CRH." 

In a Group trading statement released with the first nine months and Q3 2023 figures, CRH says sustainability remains deeply embedded in all aspects of its business. "We continue to uniquely integrate our materials, products and services to offer more sustainable solutions for our customers and advance our progress in circularity. Dedicated teams across our business continue progressing on our industry-leading target to deliver a 30% reduction in group-wide absolute carbon emissions by 2030. The Science Based Targets initiative (SBTi) has validated our 2030 decarbonisation targets in line with a 1.5°C pathway, keeping us on the path to achieving our overall ambition of becoming a net-zero business by 2050." 

Looking ahead to 2024 and notwithstanding some macroeconomic uncertainties, CRH expects resilient underlying demand across its key end-use markets in North America and Europe, underpinned by significant public investment in infrastructure and increased re-industrialisation activity in key non-residential segments. While new-build residential construction is expected to remain subdued, CRH envisages continued positive pricing momentum, supported by good commercial management and the benefits of the Group's integrated and value-based solutions strategy.

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