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Tempus Comment: Built To LastCRH, the Dublin-listed building materials and distribution company, has delivered yet another strong set of interim figures and told investors that it expects strong full-year profit growth. The confidence comes despite a 2.5 per cent decline in operating profits from its American business as softer demand from residential housebuilding affected its distribution business. The US accounts for just over one third of group profits. With no sign yet of a break in the storm clouds swirling around the US housing markets exposure to the sub-prime lending debacle, why should investors be so confident that CRH can ride the storm? Revenues from the Americas account for just under half of the group total. Of that American revenue – €4.6 billion at the half-year mark – one third comes from housing. The balance is split evenly between demand for industrial, which includes warehousing and retail outlets, and infrastructure, which covers highways and bridges. &&&§ionName=IndustrySectorsConstructionProperty,mywindow,menubar=0,resizable=0,width=615,height=655); Related Links CRH forced into €1bn bond rethinkBreak CRHs US housing exposure down further and it is half new homes building and half repair and maintenance. In sum, direct exposure to the US housing market is relatively small. Meanwhile In Europe, operating profits grew 50 per cent to €495 million. Germany is on the mend. After five years of decline between 2000 and 2005, there is a surge in construction work, which is expected to carry on growing for at least another 18 months. CRHs share price has declined about 20 per cent over the past couple of months on the back of wider fears over the US housing market. With surging demand in Americas non-residential market and relatively small exposure to the American new homes market, all set against a backdrop of a booming European business, CRH may just look ideally placed for strong growth this year. Tag CloudExternal InformationAdditional InformationBoston Scientific’s Profit Hit by Drop in Stent Sales...H. M. Mayer, 90, Ex-Chief of Oscar Mayer, Dies... Permira must pay to the tune of £3.2bn for EMI... Motorola Cuts Its Estimate of Earnings... Where Am I?News Main Page - Business - Tempus Comment: Built To Last |
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