CRH looks for growth in 2014

Irish building materials supplier CRH has said that its sales held steady in 2013 as the company navigated a period of restructure.

The firm posted sales revenue of €18.031 billion for 2013, down marginally on 2012’s €18.084 million.

Earnings before interest, taxes, depreciation and amortization (EBITDA) also remained stable, at €1.475 billion for 2013, down 6% on 2012’s figure of €1.563 billion.

Meanwhile, operating profit dropped 87.5% from €805 million in 2012 to €100 million in 2013, as a result of a series of non-cash impairment charges.

Albert Manifold, chief executive, said, “The review of our portfolio announced in November 2013 aims to re-set the group for growth.

"While this has resulted in significant non-cash impairment charges, we believe that dynamic allocation and reallocation of resources to optimise the portfolio, together with our traditional tight cost control and capital discipline, and our relentless focus on returns, will be key to driving growth and to rebuilding returns and margins over the coming years."

He added, "We believe that 2013 represents the trough in our profits, and that 2014 will be a year of profit growth. We are encouraged by second- half activity levels in 2013 and by the fact that, while it is still early in the season, trading so far in 2014 has been ahead of last year.”