CRH indicated today that markets are likely to remain difficult for the immediate future and the weak exchange rate with the dollar will have an adverse effect on profits.
In its annual trading statement to shareholders, the building conglomerate said trading in the early months of 2003 has been affected by contrasting weather patterns across its various operations.
"Although the impact has on balance been adverse, we would hope that the effects will equalise as we move into the main construction seasons in our various markets" CRH said.
The company said residential construction in Ireland remains buoyant and combined with good levels of infrastructural activity, has led to strong volume increases.
But the in the key US market the outlook is less rosy for the company. "While there are continuing uncertainties, underlying residential and infrastructure demand look reasonable although the outlook for non-residential activity remains weak," it surmised.
To date in 2003 CRH has completed 14 acquisitions worth €285 million and the focus for the year ahead would be tight cost control, shareholders were told.
CRH shares were trading at €14.00 in Dublin this afternoon, down 50 cents or 3.4 per cent on the day