CRH to continue takeover spending

CRH chief executive Myles Lee says the building materials company will continue spending on takeovers in 2012, after 2011 spending helped secure a 5% revenue growth in the year to just under €18.1billion.
April 20, 2012

723 CRH chief executive Myles Lee says the building materials company will continue spending on takeovers in 2012, after 2011 spending helped secure a 5% revenue growth in the year to just under €18.1billion.

The Irish firm spent €600million on company takeovers in 2011 but says it does not plan to change its Dublin base or reporting currency, even though it has switched its share listing to London, England.

CRH is predicting 2012 growth for the company in North America, where consumer confidence and construction data trends are rising, and in European markets including Switzerland, Germany, Finland and Poland.

Of the firm's six core divisions, Europe Products and Americas Products were the only two to record falls in revenues for 2011, respectively declining 6% and 4%.

Currently, Ireland accounts for only 2% of total revenues. Cement volumes in the Republic fell 16%. A 35% increase was seen in earnings per share, which stood at €0.83. Operating profit came in at €871million after rising 25%. Pre-tax profits rose 33% to €711million.

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