Ireland: CRH has reported a ‘positive’ start to 2023, with first quarter sales and earnings before interest, tax, depreciation and amortisation (EBITDA) ahead of its own expectations.
In a trading update chief executive officer Albert Manifold said “We had a positive start to the year in a seasonally quiet trading period. While some adverse weather conditions were experienced in the first quarter, sales and EBITDA were ahead, underpinned by the continued execution of our integrated solutions strategy and further commercial progress across our markets.”
In its Americas Materials Solutions business unit, CRH’s sales were 10% ahead of the first quarter of 2022, driven by robust pricing which more than offset the impact of unfavourable weather on activity levels in certain markets during this seasonally less significant quarter.
In Europe, like-for-like sales were 6% ahead of the first quarter of 2022 due to strong pricing momentum across all products and regions. Activity levels were impacted by less favourable weather conditions compared to the same period in 2022. Unfavourable currency exchange effects resulted in total sales being 1% behind 2022.
Manifold added, “Looking ahead, despite some ongoing macroeconomic uncertainties and an inflationary cost environment, we expect first-half sales, EBITDA and margin to be ahead of the prior year period.”
