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CRH shares tumble on economic woes
IRISH building giant CRH warned core earnings would fall 10 per cent this year as the US economic recovery falters, sending shares in the leading asphalt producer in the United States plummeting yesterday.
CRH, which splits its revenue between the United States and Europe, said as recently as last month it expected earnings in its seasonally stronger second half to improve year-on-year. However, chief executive Myles Lee said disappointing US figures would hit future revenue.
The group said pre-tax profit for the first half of the year fell 77 per cent to €25m, in line with expectations, after revenue fell eight per cent.
Shares closed down 16.9 per cent at €11.74 yesterday.