Pre-tax profit at CRH up by a third

Pre-tax profit at CRH rose by 33 per cent last year to €711 million, up from €534 million the previous year, according to 2011 results released this morning.

Operating profit was up 25 per cent at €871 million, compared to €698 million in 2010 on revenue of €18 billion, a 5 per cent increase on revenues of €17.1 billion posted in 2010.

Chief executive Myles Lee said that the positive profit outcome reflected the company's product and sectoral balance as well as extensive restructuring undertaken by the company in the last few years in response to the "exceptionally difficult markets of recent years."

"We expect to generate further like-for-like revenue growth in 2012 with the achievement of targeted price increases a key priority," he said, assuming no major economic or energy market dislocations.

CRH moved its primary stock exchange listing to London last last year, and is now listed in the FTSE 100 and FTSE All Share indices. It still maintains a listing in Ireland. About 50 per cent of CRH's revenues are generated in the US.

Earnings per share in 2011 was up 35 per cent at 82.6 cent, up from 61.3 cent.  The dividend was maintained at 62.5 cent.

CRH made 45 acquisitions and investments during 2011, spending €610 million on development. Capital expenditure totalled €576 million. The company incurred impairment charges of €32 million during the year, down from €124 million in 2010.