Your browser is no longer supported

For the best possible experience using our website we recommend you upgrade to the newest version of your browser.

Your browser appears to have cookies disabled. For the best experience of Construction News, please enable cookies in your browser.

Welcome to the Construction News site. As we have relaunched, you will have to sign in once now and agree for us to use cookies, so you won't need to log in each time you visit our site.
Learn more

CRH sees slower growth in 2008

Irish materials giant CRH said today it expects to see a slowdown in growth in 2008.

In a trading update, the company said trading would be better in Europe than in America, warning of “another testing year” in the US residential market.

It said: “Current forecasts for 2008 point to continuing economic growth in our main markets, although at a slower pace than in 2007.”

CRH said it expects pre-tax profit of around £1.4 billion in 2007 – up almost 17 per cent from last year’s £1.2 billion.

The firm also announced today it had bought 37 companies worth £517 million. The string of deals brings the company’s total acquisitions in 2007 to £1.6 billion – its biggest ever spend in a calendar year.

CRH said that its new acquisitions were based across materials, products and distribution sectors in Europe and America. Its new buys include two UK businesses – the £12 million turnover Birmingham-based West Midland Fencing, and £8 million turnover construction accessories wholesaler Forsite.

It had already announced 41 purchases earlier in 2007.

CRH also said it will use its profits to buy back up to 5 per cent of shares. It will formally unveil its preliminary results on 4 March.