Interim Results

CRH PLC
5 September 2000


2000 Interim Results for the six months ended 30th June, 2000

Announced Tuesday, 5th September,  2000


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Sales                                 euro 3,646m     up  27%

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                               Before goodwill          After goodwill
                                amortisation             amortisation           
  
Trading profit - euro           279m   up 40%*            261m    up 34%*

Profit before tax - euro        198m   up 22%*            180m    up 14%*

Earnings per share - cent      37.26c  up 21%*           32.75c   up 10%*

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Cash earnings per share - cent            76.73c      up  31%*

Dividend per share - cent                  6.70c      up  14%

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Trading profit in the Republic of Ireland increased by 18% to euro 58.9 million,
driven by continued good economic and construction activity.  
 
In Britain and Northern Ireland, trading profits from continuing operations rose
by 18% to euro 32.8 million against a background of a flat UK housing market.  

Our Mainland Europe operations benefited from favourable weather and economic
conditions in most markets,  and from the first time inclusion of major 1999 and
2000 acquisitions.  Trading profits rose to euro 71.3 million, up 81%.

Trading profit in The Americas increased by 44% to euro 97.8 million despite
high energy costs and unusually wet weather impacting the US Materials
businesses. 

Development activity continued with euro 931 million spent on over 30
acquisitions.   
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*  The percentage changes quoted are based on Interim 1999 numbers
   excluding the net profit of euro 64.3m arising on exceptional items in  
   1999.
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Liam O'Mahony, Chief Executive, said today:

'Following the strong increases reported for the Group in the first half of
2000,  and with the benefits from plant upgrades and acquisitions in 1999 and
2000,  we are confident that 2000 will be a year of good progress for CRH.'

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INTERIM STATEMENT


HIGHLIGHTS

The results highlights for the first six months of 2000 are set out below.  

Throughout this Statement, percentage changes versus 1999 are based on the
numbers for Interim 1999 excluding the net profit of euro 64.3m arising on
exceptional items in 1999 (see note 2 in supplementary information below).

Sales:  euro 3,646 million,  up 27% 

Trading profit before goodwill amortisation:  euro 279 million,  up 40% 

Basic earnings per share before goodwill amortisation:   37.26c,  up 21% 

Cash earnings per share:  76.73c,  up 31%.

Translation effects in the first six months of 2000 arising from the
strengthening of Sterling and the US Dollar versus the euro had a positive
impact of euro 8 million on profit before tax compared with the first half of
1999. In addition, shareholders' funds were enhanced by euro 57 million due to
translation effects. 

Goodwill amortisation amounted to euro 17.7 million (1999:  euro 4.1 million).
Spending on acquisitions and investments in the first half of 2000 amounted to
euro 931 million (1999: euro 424 million).
 
 
DIVIDENDS

The Board has decided to pay an interim dividend of 6.70c per share, an increase
of 14% on the 1999 interim dividend of 5.90c.  Dividends will be paid on 10th
November, 2000 to shareholders registered at the close of business on 15th
September, 2000.   A scrip dividend alternative is being offered to
shareholders.  


REGIONAL REVIEW

REPUBLIC OF IRELAND

Sales                                            euro 305.4m         up 10.7%
Trading profit (after goodwill amortisation)     euro 58.9m          up 18.3%
Goodwill amortisation                                nil           (1999: nil)

Continued good economic and construction activity in the Republic of Ireland has
resulted in further volume increases for cement, concrete products and basic
materials following a strong 1999.   The infrastructure sector was particularly
buoyant with a number of major road projects currently underway.  With an
overall demand increase of approximately 10%,  Irish Cement and the
Roadstone-Wood Group reported higher sales and profits while underlying margins
were maintained. 

BRITAIN AND NORTHERN IRELAND
                                                                   Continuing   
                                                                 operations
Sales                                            euro 354.1m         up 25.1%
Trading profit (after goodwill amortisation)     euro 32.8m          up 18.2%
Goodwill amortisation                            euro 2.5m   (1999: euro 1.5m)

The percentage changes for continuing operations are based on 1999 figures
excluding the results of Keyline Builders Merchants for the five months to May
1999 (Keyline was sold on 4th June, 1999) and six months' trading for the
Farrans Plant and Engineering division which was sold on 29th October,1999.
These operations contributed combined sales of euro 228 million and trading
profits of euro 9 million in first half 1999.

Against the background of a flat UK housing market,  Ibstock profits were
broadly in line with first half 1999.  The Forticrete concrete masonry business,
which now incorporates Ibstock's stone walling and masonry operations, benefited
from a strong industrial/commercial sector and profits advanced.  With subdued
activity in the residential sector and significant raw material cost hikes, our
insulation activities reported reduced profits.

In Northern Ireland, Farrans reported improved profits with better volumes and
modest price improvements. 

MAINLAND EUROPE

Sales                                            euro 926.2m         up 39.2%
Trading profit (after goodwill amortisation)     euro 71.3m          up 80.5%
Goodwill amortisation                            euro 8.7m    (1999:euro 0.8m)

Trading has been generally good in Mainland Europe, with favourable weather and
economic conditions in most of our markets.  

The Europe Materials Division includes operations in Spain, Poland and Finland; 
these results reflect the first-time inclusion of the January-June results for
the Finnsementti/Lohja Rudus businesses in Finland, acquired in July 1999.  With
strong volume growth in Finland, results for these businesses were ahead of
expectations. Cement prices in Poland continued to improve from a low base
although strong price competition is being encountered in downstream concrete
products markets.  In Spain,  our operations reported improved volumes and
prices.   All operations reported good profit increases. 

Our Distribution businesses in the Netherlands, France and Portugal all reported
improved results.  In the Concrete Products Group, strong initial contributions
from recent acquisitions combined with an improved performance in France more
than offset the impact of lower profits from our Dutch operations which continue
to suffer from over-capacity. Profits at the Clay Products Group advanced,
primarily due to improved results from AKA in Germany following the
rationalisation measures undertaken in 1999.  In the Building Products Group,
Heras reported a strong profit increase. The Rooflights & Ventilation division
had a good first half aided by the inclusion of two months' trading from the
rooflights business acquired from Yule Catto plc in May 2000.  Insulation
activities reported slightly lower profits than in 1999 due to raw material cost
increases.

THE AMERICAS

Sales                                         euro 2,060.0m          up 46.4%
Trading profit (after goodwill amortisation)  euro 97.8m             up 43.6%
Goodwill amortisation                         euro 6.5m      (1999: euro 1.8m)

In the Materials Division, market demand generally reflected the gradual pick-up
in TEA 21 funded activity. Markets in the Northeast were robust with good demand
levels while the Midwest experienced some weakness, particularly in relation to
private construction.  However, unusually wet weather affected both regions and
overall volumes were lower than anticipated.  Markets in the West enjoyed normal
seasonal weather conditions and activity levels,  though varied, were in line
with expectations.  On a sectoral basis, non-residential and highways markets
were strong, with some flattening in residential demand.   Cost increases due to
the impact of the high energy and bitumen costs which have persisted since the
third quarter of 1999 have not yet been fully recovered in higher sales prices. 
Overall, the modest traditional first half loss in the Materials Division was
higher than in 1999.

Profits from our Oldcastle Products & Distribution Division in North America
advanced strongly with underlying profit improvements compared with the first
half of 1999 enhanced by contributions from recent acquisitions. The Precast
Group benefited from strong performances in its western operations and
continuing good demand nationwide. The Glass and Architectural Products Groups
also enjoyed favourable conditions across their operations, with the Glen-Gery
brick business producing an excellent performance. The Distribution Group was
slightly ahead of 1999 in the seasonally quieter and less profitable first half.
In South America, results for the Canteras Cerro Negro clay products business in
Argentina declined against a background of lower economic activity.


ACQUISITIONS AND DISPOSALS

First half total acquisition and investment expenditure at euro 931 million
again surpassed previous records, reflecting expenditure of approximately euro
590 million on four large deals (The Shelly Company,  The Dolomite Group and
Northern Ohio Paving Company in North America,  and the rooflights business
acquired from Yule Catto plc in Europe);  the remaining euro 341 million
includes the cost of  27 small to medium-sized deals in Europe and the United
States.   Disposal proceeds of euro 14 million are significantly lower than 1999
(euro 300 million) which included the sale of Keyline Builders Merchants and of
Ibstock's Caima Ceramica operations in Portugal.


FINANCE AND TAXATION

The higher first half interest charge reflects the financing costs of very
significant 1999 and first half 2000 development activity.        

As in prior years, the interim taxation charge is an estimate based on the
current expected full year tax rate.


OUTLOOK

In the Republic of Ireland, good demographics and growing infrastructural
requirements continue to underpin buoyant construction activity. In Britain,
construction activity remains sluggish. The economic outlook in most of our
markets in Mainland Europe is positive.  However, over-capacity in clay and
concrete products in the Netherlands and Germany continues to impact prices in
these sectors. 

In North America, order books remain strong and the continuing growth of the US
economy and the positive impact of TEA 21 funded activity augur well for demand
levels in the second half of the year. While higher energy and bitumen costs
remain a concern, particularly for our Materials operations,  we are confident
that with a resumption of normal weather conditions, the balanced geographic and
sectoral spread of our operations will combine to deliver a good full year
outcome despite the challenging cost background. The outlook for our South
American operations remains depressed for the remainder of 2000.

Overall, following the strong increases reported for the Group in the first half
of 2000,  and with the benefits from plant upgrades and acquisitions in 1999 and
2000,  we remain confident that 2000 will be a year of good progress for CRH.

Group profit and loss account 
for the six months ended 30th June, 2000 (unaudited)
---------------------------------------------------

                                     Continuing operations
                                              Acquisitions   Total  
                                         2000      2000       2000      1999
                                       euro m    euro m     euro m    euro m  
Sales,
including share of joint ventures     3,434.2     211.5    3,645.7    2,858.8

Less: share of joint ventures           (79.8)     (9.2)     (89.0)     (63.8)
                                      -------     -----    -------    ------- 
Group sales                           3,354.4     202.3    3,556.7    2,795.0
Cost of sales                        (2,340.9)   (141.9)  (2,482.8)  (1,914.0)
Exceptional impairment cost  
 - Premier Periclase                        -         -          -      (15.3)
                                      -------     -----    -------    -------
Gross profit                          1,013.5      60.4    1,073.9      865.7
Operating costs                        (766.2)    (42.1)    (808.3)    (690.9)
Goodwill amortisation                   (15.7)     (2.0)     (17.7)      (4.1)
                                      -------     -----    -------    -------
Operating profit                        231.6      16.3      247.9      170.7
Share of joint ventures' trading profit   7.3       0.1        7.4        5.8
Profit on disposal of fixed assets        5.5         -        5.5        2.4
Exceptional profit on disposal of Keyline   -         -          -       79.6
                                      -------     -----    -------    -------
Trading profit, 
including share of joint ventures       244.4      16.4      260.8      258.5
                                      =======     ===== 
Group interest payable and similar charges (net)             (80.1)     (35.6)
Share of joint ventures' net interest                         (0.5)      (0.5)
                                                           -------    ------- 
Profit on ordinary activities before taxation                180.2      222.4

Taxation on profit excluding exceptional items (estimated)   (50.5)     (42.0)
Taxation on exceptional items (estimated)                        -      (25.2)
                                                           -------    ------- 
Profit on ordinary activities after taxation                 129.7      155.2

Profit applicable to equity minority interests                (1.2)      (0.7)
Preference dividends                                             -          -
                                                           -------    ------- 
Profit for the period attributable to ordinary shareholders  128.5      154.5

Ordinary dividends                                            26.5       23.1
                                                           -------    -------
Retained profit for the financial period                     102.0      131.4
                                                           =======    =======

Earnings per share for the period

Basic                                         % change
- Including 1999 exceptional items               -17.5      32.75c      39.70c
- Excluding 1999 exceptional items               +10.5      32.75c      29.65c
- Excluding goodwill amortisation and 
    1999 exceptional items                       +21.4      37.26c      30.70c
Diluted
- Including 1999 exceptional items               -18.1      32.38c      39.53c
- Excluding 1999 exceptional items                +9.7      32.38c      29.53c

Cash flow per share for the period               +31.4      76.73c      58.40c
Dividend per share                               +13.6       6.70c       5.90c 


Group balance sheet as at 30th June, 2000 (unaudited)
----------------------------------------------------
                                               2000                1999
                                         -----------------    ---------------
                                         euro m     euro m    euro m   euro m
Intangible assets
 Goodwill                                            807.8              176.1
Tangible fixed assets                              4,061.2            2,493.5
Financial fixed assets
Investment in joint ventures
   - share of gross assets                115.4                102.3
   - share of gross liabilities           (60.9)               (66.9)
   - loans to joint ventures               12.9                 15.7
Other investments                          21.0                 12.2
                                          -----               ------ 
                                                     88.4                63.3
 
Current assets
 Stocks                                   866.4                629.8
 Debtors                                1,514.9              1,088.4
 Cash, short-term deposits and 
 liquid resources                         885.0              1,215.4
                                        -------              ------- 
                                        3,266.3              2,933.6
                                        -------              -------
Creditors (amounts falling due within one year)
 Bank loans and overdrafts              1,245.2                347.6
 Trade and other creditors              1,274.5                933.0
 Corporation tax                           41.7                 59.4
 Dividends                                 26.4                 23.1
                                        -------              -------
                                        2,587.8              1,363.1
                                        -------              -------
Net current assets                                  678.5             1,570.5
                                                  -------             -------
Total assets less current liabilities             5,635.9             4,303.4
                                                  =======             =======
Creditors (amounts falling due after more than one year)
 Loans                                  2,544.8              1,909.3
 Deferred acquisition consideration       236.6                 91.2
 Corporation tax                           32.2                 31.1
                                        -------              -------
                                                  2,813.6             2,031.6
Capital grants                                       18.1                17.2
Provisions for liabilities and charges              391.9               323.4

Capital and reserves
 Called-up share capital
 - Equity share capital                   133.9                129.0
 - Non-equity share capital                 1.2                  1.2
 Equity reserves   
 - Share premium account                  582.8                553.1
 - Other reserves                           9.9                  9.9
 - Profit and loss account              1,655.4              1,212.3
                                        -------              -------
Shareholders' funds                               2,383.2             1,905.5
Minority shareholders' equity interest               29.1                25.7
                                                  -------             -------
                                                  5,635.9             4,303.4
                                                  =======             =======


Supplementary information
=========================

1. Translation of foreign currencies
------------------------------------

These financial statements are presented in euro.   Results and cash flows of
subsidiary and joint venture undertakings based in non-euro countries have been
translated into euro at average exchange rates for the period, and the related
balance sheets have been translated at the rates of exchange ruling at the
balance sheet date.   Adjustments arising on translation of the results of
non-euro subsidiary and joint venture undertakings at average rates, and on
restatement of the opening net assets at closing rates, are dealt with in
retained profits,  net of differences on related currency borrowings.  Any other
translation differences are included in arriving at operating profit.   

Rates used for translation of results and balance sheets into euro were as
follows:

                                       Average for six 
                                        months to June       As at 30th June
euro 1 =                               2000       1999       2000        1999

US Dollar                              0.9605   1.0888       0.9556    1.0328
Pound Sterling                         0.6124   0.6721       0.6323    0.6563
Polish Zloty                           4.0732   4.2036       4.1835    4.0580


2 Exceptional items - 1999
--------------------------

(a) Exceptional impairment cost - Premier Periclase

An impairment review of the fixed assets of Premier Periclase carried out during
the first six months of 1999 indicated that the carrying value at that time was
not supported and a write-down of euro 15.3 million was accordingly reflected in
the 1999 results.    The taxation impact of this write-down was estimated at
30th June, 1999 at euro 1.6 million.

(b) Exceptional profit on disposal of Keyline 

In June 1999,  the Group sold its UK subsidiary Keyline Builders Merchants.  A
profit of euro 79.6 million,  net of goodwill of euro 57.6 million previously
written off against Group reserves,  was recorded in the interim results for
1999.   Taxation on this profit was estimated at euro 26.8 million.  


3. Geographical analysis
------------------------

Analysis by destination                          2000                1999
                                             ------------       -------------
                                             euro m     %       euro m      %
Sales, including share of joint ventures
  Republic of Ireland                         305.4   8.4        275.8    9.6
  Britain and Northern Ireland                354.1   9.7        510.8   17.9
  Mainland Europe                             926.2  25.4        665.4   23.3
  The Americas                              2,060.0  56.5      1,406.8   49.2
                                            -------  ----      -------   ----
                                            3,645.7   100      2,858.8    100
Less: share of joint ventures                 (89.0) ====        (63.8)  ====
                                            -------            -------   
Group sales                                 3,556.7            2,795.0
                                            =======            =======  

Trading profit, including share of joint ventures
  Republic of Ireland                          58.9  22.6         49.8   25.6
  Britain and Northern Ireland                 32.8  12.6         36.8   19.0
  Mainland Europe                              71.3  27.3         39.5   20.3
  The Americas                                 97.8  37.5         68.1   35.1
                                              -----  ----        -----   ----
Trading profit, excluding exceptional items   260.8   100        194.2    100
Exceptional items, net                            -  ====         64.3   ====   
                                             -----              -----    
Trading profit, including exceptional items   260.8              258.5
                                              =====              =====   



Analysis by origin                              2000                1999
                                             ------------       -------------
                                             euro m     %       euro m      %
Sales, including share of joint ventures
  Republic of Ireland                         320.8   8.8        289.1   10.1
  Britain and Northern Ireland                346.7   9.5        503.2   17.6
  Mainland Europe                             918.0  25.2        659.5   23.1
  The Americas                              2,060.2  56.5      1,407.0   49.2
                                            -------  ----      -------   ----
                                            3,645.7   100      2,858.8    100
Less: share of joint ventures                 (89.0) ====        (63.8)  ====
                                            -------            -------   
Group sales                                 3,556.7            2,795.0
                                            =======            =======   

Trading profit, including share of joint ventures
  Republic of Ireland                          62.4  23.9         51.4   26.5
  Britain and Northern Ireland                 29.9  11.5         34.2   17.6
  Mainland Europe                              70.7  27.1         40.5   20.8
  The Americas                                 97.8  37.5         68.1   35.1
                                              -----  ----        -----   ----
Trading profit, excluding exceptional items   260.8   100        194.2    100
Exceptional items, net                            -  ====         64.3   ====   
                                             -----              -----    
Trading profit, including exceptional items   260.8              258.5
                                              =====              =====    


4. Movements in shareholders' funds
-----------------------------------

                                                      2000               1999
                                                    euro m             euro m
At 1st January                                     2,201.7            1,554.0
Retained profit for the period                       102.0              131.4
Currency translation effects                          57.0              135.5
Issue of ordinary share capital (net of expenses)     22.5               27.0
Goodwill written-back on disposal of Keyline             -               57.6
                                                   -------            -------
At 30th June                                       2,383.2            1,905.5
                                                   =======            =======


5. Summarised cash flow
-----------------------
The table below summarises the Group's cash flows for the six months ended 30th
June, 2000 and 30th June, 1999.

                                                     2000                1999
                                                   euro m              euro m
Inflows
-------
Profit before tax (excluding exceptional items)     180.2               158.1
Depreciation and goodwill amortisation              172.6               111.9
Disposals                                            13.8               299.9
Share issues (net of expenses)                       22.5                27.0
                                                    -----               -----
                                                    389.1               596.9
                                                    -----               -----
Outflows
--------
Working capital movement                            303.1               129.3
Capital expenditure                                 222.0               181.6
Acquisitions and investments                        931.0               423.9
Dividends                                            55.9                47.4
Tax paid                                             49.1                33.2
Other                                                12.0                 7.0
                                                  -------               -----
                                                  1,573.1               822.4   
                                                -------               -----


Net outflow                                      (1,184.0)             (225.5)
Translation adjustment                              (51.7)              (86.5)
                                                 --------               -----
Increase in net debt                             (1,235.7)             (312.0)
                                                 ========               =====

6. Other
--------
                                                            2000         1999

EBIT interest cover* (times) - six months to 30th June       3.2          5.4
                             - rolling 12 months             5.3          8.9 
EBITDA interest cover*(times)- six months to 30th June       5.4          8.5   
                           - rolling 12 months             7.8         12.4

*   including share of joint ventures;  
    1999 comparatives exclude exceptional items
-----------------------------------------------------------------------------
Average shares in issue (millions)                        392.4         389.2
Net dividend per share (cent) **                           6.70          5.90
Dividend cover (times)                                      4.8           5.0

**  dividend payments made on or after 
    6th April, 1999 do not carry a tax credit
-----------------------------------------------------------------------------
Depreciation charge - euro m                              154.9         107.8
Goodwill amortisation charge - euro m                      17.7           4.1
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Net debt -  euro m                                      2,905.0       1,041.5
Debt ratio                                                 120%           53%
Debt to market capitalisation at 30th June                  39%           16%
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7. Distribution of Interim Report
---------------------------------
These Interim results are available on the Group's website (www.crh.com). A
printed copy will be posted to shareholders on Tuesday, 12th September, 2000 and
is available to the public from that date at the Company's registered office. 
Details of the Scrip Dividend Offer in respect of the Interim 2000 dividend will
be posted to shareholders on Tuesday, 26th September, 2000.



Contact at Dublin  [phone]

Liam O'Mahony,  Chief Executive
Harry Sheridan, Finance Director
Myles Lee, General Manager - Finance


CRH plc,  Belgard Castle, Clondalkin, Dublin 22,  Ireland
Telephone: [phone]   Fax [phone]
Registered Office:   42 Fitzwilliam Square, Dublin 2, Ireland
email:  [e-mail]              Website:  www.crh.com