Irish global building materials major CRH saw healthy full-year 2023 rises in its revenues, continuing operations income, adjusted EBITDA, and EPS.
Group revenues were up 7% year-on-year to US$34.9 billion. Meanwhile, continuing operations income rose by 14% to $3.1 billion, adjusted EBITDA (earnings before interest, taxes, depreciation, and amortisation) increased by 15% to $6.2 billion, and EPS (earnings per share – continuing operations) valued at $4.36 represented a 22% rise. CRH’s integrated solutions strategy also delivered its 10th consecutive year of margin expansion.
Commenting on the full-year 2023 trading figures, CRH chief executive Albert Manifold said: “2023 marked another record year of financial delivery for CRH, supported by good underlying demand across our key end-use markets, further pricing progress and the continued benefits of our differentiated, customer-focused strategy.
“Over the last decade, our business has evolved from being a supplier of base materials into a fully integrated provider of value-added solutions. Through our technical expertise and the advancements we have made in product innovation, we are solving complex problems for our customers while making the construction process simpler, safer and more sustainable. Despite continued inflationary cost pressures during 2023, we expanded our margins and delivered further growth in profits, cash generation and returns.
“The strength of our balance sheet, together with our relentless focus on the efficient allocation of capital, enables us to capitalise on the opportunities we see for further growth and value creation in 2024 and beyond.”
Aggregates Business reported earlier this week that CRH had entered a binding agreement to acquire Adbri in Australia in partnership with the Barro Group.
The binding agreement, which follows due diligence over the past two months, will see CRH buy the remaining 57% of ordinary Adbri shares not owned by Barro Group for the previously agreed cash sum of A$3.20 per share. The Offer values Adbri at an equity valuation of A$2.1 billion (US$1.4 billion) on a 100% basis and values the approximately 53% of issued share capital that the Partners do not currently have an interest in and which CRH has agreed to acquire at A$1.1 billion (US$0.7 billion).
A committee comprised of the independent directors of the Adbri board has unanimously recommended that Adbri shareholders vote in favour of the Scheme in the absence of a superior proposal and subject to an independent expert concluding that the Scheme is in the best interests of Adbri shareholders. The proposed transaction is subject to customary terms and conditions as outlined in the Scheme Implementation Deed, a copy of which has been published by Adbri. The proposed transaction is expected to be completed later this year.
