Key Highlights
- Positive start to the year, good underlying demand; Q1 sales rose by 15% year-on-year, EBITDA & margin ahead
- Integrated solutions strategy continuing to deliver across all Divisions
- Year-to-date acquisition spend $0.6bn; strong pipeline of opportunities
- Share buyback programme continues; $0.6bn to be completed by end of June
Key Products in Brief
- Aggregates: Q1 aggregates volumes were 3% behind 2021, impacted by adverse weather conditions in the Northeast, Great Lakes and West divisions; average year-to-date prices increased by 7%.
- Asphalt: Volumes were 19% ahead as the benefit of acquisitions offset the negative impact of weather and timing of projects; average prices increased 8%.
- Read ymixed Concrete (RMC): Volumes were 6% behind as poor weather conditions in the Northeast, Great Lakes and West divisions offset the more favourable conditions in the South; average prices were 12% ahead with increases across all regions.
- Paving and Construction Services: Sales in our paving and construction services business were 29% ahead of 2021 primarily driven by milder weather in the South division and the timing of a number of large projects in the West.
- Cement: Volumes were in line with 2021 as strong demand in the central and southern regions was offset by weather-impacted performances in Canada and some western regions; prices were 11% ahead with good momentum in both the United States (US) and Canada.
Europe Materials
Sales for our Europe Materials operations were 11% ahead of 2021 in the first quarter aided by strong demand and milder weather in most key markets.
Key Markets in Brief
- United Kingdom (UK) & Ireland: UK & Ireland sales were well ahead of prior year reflecting good underlying demand and milder winter conditions. In the UK, price increases were implemented across all products with volume improvements also positively impacting sales. Our businesses in Ireland had a positive start to the year with volume increases in all key products against a prior year comparative impacted by COVID-19 restrictions.
- Europe East (Poland, Ukraine, Romania, Hungary, Slovakia and Serbia): Milder winter conditions compared to the prior year combined with robust market demand resulted in higher volumes in most markets, particularly Poland and Romania. Activity levels in Ukraine had a strong start to the year but have since been impacted by the ongoing conflict. Prices increased across all markets.
- Europe North (Finland, Germany and Switzerland): Our Europe North businesses had a positive start to the year as milder winter weather conditions, improved activity levels and strong price increases resulted in higher sales.
- Europe West (France, Benelux, Denmark and Spain): Sales were ahead of prior year primarily driven by France and Benelux. France benefited from solid demand, more favourable weather conditions and pricing improvements in all products while an increase in precast product sales positively impacted Benelux.
- Asia: Sales in the Philippines were behind prior year as lower activity levels due to the upcoming presidential election were only partially offset by price improvements.
