CRH says first quarter sales up 9%

27th Apr 2016 07:01

(ShareCast News) - Buildings materials firm CRH said a positive trading backdrop in its major markets resulted in a 9% increase in first quarter sales compared 2015 on a constant currency basis.Trading sales also include the now integrated LH Assets and CRL and exclud all divested entities and one-off items.CRH said trading in the Americas was up 22% and Asia 12% with Europe "in line"."Group earnings before interest tax depreciation and amortisation (EBITDA) for the seasonally less significant first half of the year is expected to be close to €1bn. We expect to continue to make progress in the second half of the year on a group EBITDA basis.""Looking ahead to the second half of the year, in Europe we expect a broadly stable backdrop to support some improvement across our main markets. In the United States, we expect construction demand to continue to grow in the second half of the year at a modest pace.""Funding for US infrastructure is expected to increase moderately with improving state finances and the passing in 2015 of a new federal programme (FAST Act), while we expect housing and non-residential construction to continue to grow; as a result we expect progress in the Americas.""Results in the Philippines are expected to be ahead of the second half of 2015. Against this backdrop and in the absence of any major financial or energy market dislocations, we expect to continue to make progress on a group EBITDA basis in the second half of 2016."