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Construction company CRH made profit of €700 million in 2011

The buildings material company bucked the trend in the construction sector by reporting big increases in profit and revenue.

CRH CEO Myles Lee and COO Albert Manifold pictured last August
CRH CEO Myles Lee and COO Albert Manifold pictured last August
Image: Laura Hutton/Photocall Ireland

BUILDINGS MATERIAL COMPANY CRH has reported pre-tax profits of €711 million for last year, a climb of one third on the €534 million reported in 2010.

CRH – originally Cement Roadstone Holdings – saw sales revenue increase by 5 per cent to just over €18 billion in 2011.

The company said it cut costs by €154 million in 2011 through a cost reduction programme.

The company said it expects to continue to increase revenue and profit in 2012 as long as there aren’t any dramatic changes in the economy.

“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,” said chief executive Myles Lee.

“This combined with benefits from acquisitions completed in 2011 leads us to expect further progress in the year ahead”.

Last August the company had announced pre-tax profits of €95 million for the first six months of 2011, a rise of 280 per cent compared to the same period in 2010.

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