CRH PLC Announces 2019 Interim Results

DUBLIN / ACCESSWIRE / August 22, 2019 / 2019 Interim Results

Key Highlights

· Record H1 EBITDA¹ of €1.54bn, 36% ahead of 2018 (19% ahead excluding IFRS 16 Leases)

· Sales of €13.2bn, ahead 11%

· Good margin progress in H1

· EPS 51% ahead of 2018

· Continued portfolio refinement: c. €2bn divestments; c. €0.5bn acquisitions

· Strong financial discipline; expect Net Debt/EBITDA <2x at year end

· Share buyback €550m year-to-date; further €350m planned by year end

· Group-wide profit improvement programme progressing well

Albert Manifold, Chief Executive, said today:

"On the back of our strategic initiatives, CRH CRHCRH has delivered significant profit growth in the first half of 2019, with a good performance in our heritage business and strong contributions from recent acquisitions. We are pleased to report that the Board plans to continue our share buyback programme with a further tranche of €350 million to be completed by year end. This will bring our total share repurchases in 2019 to €900 million. With our continued strong cash generation and financial discipline, we expect year-end debt metrics to be below normalised levels. We anticipate further progress in the second half of the year with benefits from positive underlying momentum in all Divisions as well as good contributions from acquisitions."

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SOURCE: CRH PLC