Building materials group CRH said today it expected sales from completed acquisitions to offset the impact of the weaker dollar this year.
Unveiling pre-tax profits of €864 million for 2003, up 1 per cent on the previous year and exceeding market expectations, the company anticipated a recovery in demand from its core US market in 2004.
CRH, one of the world's top four suppliers of building materials, spent €1.6 billion on acquisitions last year, including the €693 million purchase of some of Dutch firm Cementbouw Handel & Industrie's operations.
Last year, the company took a €86 million hit from the dollar's slide against the euro, as the weaker US exchange rate hit profits when translated into euros.
CRH added that earnings per share before goodwill amortisation rose 3 per cent to 136.2 cents.
"While risks and uncertainties remain and economic growth in Europe is generally subdued, the economy in the US is recovering and we are poised to move forward as markets improve," chief executive Mr Liam O'Mahony said.
The company recommended a final dividend of 19.90 cents per share, an increase of 10.7 per cent on the 2002 final dividend.