Ireland: The Irish cement group CRH, which has cement interests in many key growth markets, has released financial results for 2011 that show an improvement in all of its fiscal indicators. Sales came in at Euro18.08bn for the year, compared to Euro17.2bn in 2010, a 5% improvement. Earnings before interest, tax, depreciation and amortisation (EBITDA) came in at Euro1.65bn, up by 3% compared to 2010 when its EBITDA was Euro1.61bn. CRH's operating profit for 2011 was Euro871m, a 25% improvement compared to 2010 and its pre-tax profit was Euro711m, up by a third compared to the Euro534m it made in 2010.
CRH's Chief Executive Myles Lee said, "The positive profit outcome for 2011 demonstrates the advantages of CRH's product and sectoral end-use balance and the benefits of the extensive reorganisation and restructuring measures implemented in response to the exceptionally difficult markets of recent years. Assuming no major economic or energy market dislocations, we expect to generate further like-for-like revenue growth in 2012 with the achievement of targeted price increases a key priority. This combined with benefits from acquisitions completed in 2011 leads us to expect further progress in the year ahead."