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| CRH expects 2007 profit of euro 1.9 billion CRH plc, an Irish building materials company, said it expects 2007 profit before tax to be close to euro 1.9 billion giving a high-teen percentage increase on 2006 (euro 1.602 billion) and a fifteenth consecutive year of profit and earnings growth. Acquisition spend in the second half of 2007 amounted to euro 1.2 billion resulting in a record full year acquisition spend of approximately euro 2.2 billion. 2007 EBITDA/net interest cover is expected to remain high at approximately 9 times (2006: 9.7 times). The phased reduction in dividend cover to a targeted 3.5 times for the 2008 financial year continues. With a strong financial position CRH has decided to introduce a share repurchase programme, limited to a maximum of 5% of the 547 million Ordinary Shares currently in issue. CRH remains committed to an active development programme while maintaining an investment grade credit rating. In Europe, with a continuing strong trading performance from Materials operations and good full year profit advances in Products and Distribution operations CRH anticipates 2007 operating profit of approximately euro 1.1 billion (2006: euro 0.814 billion). The expectation is for 2007 operating profit from CRH's Americas activities to be approximately US$ 1.35 billion (2006: US$ 1.196 billion). At the average 2007 US$/euro exchange rate this would amount to approximately euro 0.985 billion (2006: euro 0.953 billion at the average 2006 rate). write your comments about the article :: © 2008 Construction News :: home page |