CRH says prices rising as markets recover from COVID-19, sees profits ahead of previous year

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CRH PLC (LON:CRH) said first half underlying profits would be well ahead of the previous year even with the disruption in Texas as demand generally is returning and prices are rising again.

The building materials giant added that it expects business generally to continue to get back to pre-Coronavirus (COVID-19) levels over the remainder of the year.

“First quarter like-for-like sales increased by 3% compared with the same period last year as a particularly strong performance in Building Products was partly offset by weather disruption in our materials businesses in North America and Europe,” the Irish group said in a statement.

“Group EBITDA for the seasonally less significant first half of the year to be well ahead of the first half of 2020 which was adversely impacted by COVID-19 related disruption in the second quarter (H1 2020: $1.59 billion).

“We anticipate further normalisation in our markets in the second half of the year as the health situation continues to improve.”

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