(Alliance News) - CRH PLC on Thursday reported a "robust" first-half performance, beating forecasts, as it benefited from prior year acquisitions and good underlying demand in key end-use markets.

In the six months ended June 30, the buildings material firm reported a pretax profit from continuing operations of USD1.51 billion, up 26% from USD1.20 billion the previous year.

Earnings before interest, tax, depreciation and amortisation rose 14% year-on-year to USD2.5 billion from USD2.2 billion a year prior. This figure beat both JPMorgan's and Davy Research's estimates of USD2.43 billion and USD2.3 billion, respectively.

Revenue totalled USD16.14 billion, up 7.6% from USD15.0 billion a year prior and beating JPMorgan's forecast of USD15.90 billion.

"I am pleased to report a strong first half performance reflecting the continued delivery of our differentiated strategy, further commercial progress across our businesses and good contributions from acquisitions. The strength of our balance sheet together with our relentless focus on disciplined capital allocation will enable us to invest in future growth and value creation opportunities for our business," said Chief Executive Albert Manifold.

Looking ahead to the remainder of the year, CRH said its operations in North America are expected to be supported by robust infrastructure demand as well as good activity in key non-residential segments. Meanwhile, its businesses in Europe are expected to benefit from solid infrastructure demand, good non-residential activity, and positive pricing momentum.

Consequently, assuming normal weather patterns for the remainder of the year, CRH expects full-year Ebitda of around USD6.2 billion. This would represent growth of 11% against the previous year's USD5.6 billion, if achieved.

CRH declared an interim dividend of USD0.25 per share, up 4% from the year prior.

In June, CRH shareholders approved the company's plan to move to a US primary listing, which it had first announced in March. The change is expected to take effect on or around September 25 and will remove CRH from the FTSE 100 index in London. It will remain headquartered in Dublin.

"We believe a US primary listing will bring increased commercial, operational and acquisition opportunities for our business, further accelerating our successful integrated solutions strategy and delivering even higher levels of profitability, returns and cash for our shareholders," CRH said on Thursday.

Shares in CRH were down 2.7% to 4,395.00 pence around midday on Thursday in London.

By Heather Rydings, Alliance News senior economics reporter

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