CRH PLC Announces 2019 Full Year Results

DUBLIN / ACCESSWIRE / February 28, 2020 /

2019 Full Year Results

This document contains inside information

Key Highlights

Financial

·€4.2bn EBITDA, +25% ahead of 2018 (+7% LFL)

·€28.3bn sales, +6% ahead (+3% LFL)

·Margin increase of +230bps

·€3.5bn cash generated; €1.4bn returned to shareholders

·Robust financial discipline; net debt/EBITDA of 1.7x

·Full-year dividend per share up 15% to 83.0c

2019 Summary Financials

Sales revenue

€28.3bn

+6%

EBITDA

€4.2bn

+25%

EBITDA margin

14.8%

+230bps

Business Developments

·€2.1bn divestments, Indian cement JV divested; €0.7bn acquisitions

·Setting the most demanding carbon reduction targets in the industry to 2030

·Changing reporting currency to US Dollar

Albert Manifold, Chief Executive, said today:

"CRH delivered good profit growth in 2019 supported by positive momentum in our heritage businesses and strong contributions from recent acquisitions. With a continuing focus on margin expansion, cash generation and enhanced returns for shareholders, we believe that 2020 will be a year of further progress for the Group."

Announced Friday, 28 February 2020

2019 Full Year Results1

Overview

2019 was another year of growth for CRH, supported by a positive demand backdrop in the Americas and in key regions in Europe. With good contributions from acquisitions and tailwinds from currency exchange movements, sales of €28.3 billion for the period were 6% ahead of 2018 and 3% ahead on a like-for-like2 basis.

· Economic growth continued in the United States (US) in 2019, with improvements in the infrastructure sector and solid fundamentals in key residential and non-residential markets. Headwinds driven by flooding and wet weather in the first half of the year were offset by a stronger second half and like-for-like sales in Americas Materials for the full year increased 4% over 2018.

· In Europe Materials, organic sales were 5% ahead due to good activity in key markets and pricing progress across all product lines. Performance was positive for our businesses in Eastern and Western Europe, which offset challenging trading conditions in the United Kingdom (UK) as construction activity declined amidst Brexit-related uncertainty.

· Building Products saw continued improvements in 2019 reflecting a positive demand and pricing backdrop and like-for-like sales were 2% ahead of 2018. Underlying trends in residential and non-residential activity were positive in the West Coast and Southern regions of the US and our main markets in Europe also experienced good demand.

EBITDA of €4.2 billion was 25% ahead of 2018 (2018: €3.4 billion) and EBITDA margin increased to 14.8% (2018: 12.5%) with the benefit of solid underlying growth, continued focus on operational and commercial performance, margin-enhancing acquisition activity and the impact of IFRS 16 Leases. On a like-for-like basis, EBITDA for the Group was 7% ahead of 2018.

· Americas Materials' like-for-like EBITDA was up 10% driven by a strong contribution from Ash Grove, solid price progression and improved cost control.

· In Europe Materials, like-for-like EBITDA was 2% ahead reflecting good activity levels and price improvements across all countries, while the UK was impacted by challenging market conditions.

· Like-for-like EBITDA in Building Products was 7% ahead, with strong operating leverage on increased sales reflecting good commercial discipline and ongoing profit-improvement initiatives.

Please click on, or paste the following URL into your web browser to view the full announcement;

http://www.rns-pdf.londonstockexchange.com/rns/2624E_1-2020-2-26.pdf

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

SOURCE: CRH PLC

ReleaseID: 578326