(CercleFinance.com) – The Irish construction materials group CRH confirmed its annual forecasts on Friday after reporting a ‘solid’ start to the year, although the winter season is traditionally unfavorable for its activity.
Driven by a positive price effect and rather favorable weather in North America, turnover increased by 2%, including 1% organic growth, to total $6.5 billion in the first quarter.
The company, based in Dublin, also announced that it had generated adjusted operating income (Ebitda) up 15% to $445 million for the first quarter.
Building on these performances, CRH confirmed its objective of an adjusted EBITDA of between $6.55 and $6.85 billion for the entire financial year.
The group, which has just completed a $2.1 billion acquisition in cement in Texas, says it has identified potential synergies of $60 million at an annualized rate thanks to the operation.
Another promising element, the company plans to launch a new tranche of share buybacks of $300 million after having completed $600 million in securities acquisitions on the market since the start of the year.
Listed on the London Stock Exchange, the stock rose by almost 4% on Friday morning following all these announcements.
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