Germany: Heidelberg Materials has reported that it has increased its revenue by 13% year-on-year to Euro15.8bn during the first nine months of 2022. It said that high energy and raw material costs seen during the third quarter were only partly offset. The group’s net result for the nine-month period showed a 6.1% decline to Euro2.72bn. The decline was also due to significantly higher energy prices and increased raw material costs, which Heidelberg Materials said could only be offset partially by energy savings, cost discipline and price increases.

In the first nine months of 2022, sales volumes in all business lines declined due to consolidation and the economic impact from the Russian-Ukraine war on the European economy. Cement and clinker sales reduced by 6% to 90.0Mt, compared to 95.7Mt in the first nine months of 2021. Heidelberg Materials cited capacity reduction in North America, specifically its Western US operations, and the economic downturn in Europe as factors. Excluding consolidation effects, cement and clinker sales were down by 3.8%.

Heidelberg Materials said that it forecasts increased revenue for 2022, which will be adversely affected by increased outgoings. It expects global demand for building materials to weaken slightly on the back of higher costs and inflationary pressures.