CRH has reported H1 results better than consensus expectations. Sales were down by only 3% lfl. On the EBITDA side, Americas Materials’ EBITDA was up by 20% and Building Products’ EBITDA was up by 11% due to solid pricing, good cost control and lower energy costs. Europe Materials’ EBITDA was 28% below primarily due to severe lockdowns in western Europe. Management has not communicated guidance for FY20.
