CRH profits down 5pc and Myles Lee to retire
Building materials group CRH has reported a 5pc drop in profit before tax for 2012 to €674m and its chief executive Myles Lee is to retire at the end of this year, having reached the age of 60.
Sales revenue for the group went up by 3pc to reach €18.65bn.
Lee, who has been at the helm for five years, said the results for 2012 reflected progress in CRH’s Americas operations helped by a strong recovery in residential construction and improving overall economic activity in the US.
In contrast, he said, its European businesses had to contend with weakening consumer and investor confidence within the Eurozone.
“Assuming no major financial or energy market dislocations, we expect that ongoing improvements in our businesses in the Americas combined with further profit improvement initiatives throughout our operations will outweigh continuing trading pressures in our European segments, enabling the group to achieve progress in 2013,” he predicted.
Lee joined CRH in 1982, joined the board in November 2003 as finance director and subsequently become chief executive in January 2009.