CRH (CRH) 4 Mar 212020 Q4 Earnings call transcript

Good morning. My name is Albert Manifold. I am the Chief Executive Officer of CRH. I am talking to you this morning from our office here in Atlanta. And I am joined here this morning by two of my U.S. Business. my Business; is who and our Building on our Head Heads Lake Global Materials Americas also Products Randy right, the who of up colleagues, Keith Haas,

colleagues of We and Holmes in joins are also there; too who’s Tom Frank he Investor who joined and today Markets Director also by of us Dublin. Murphy, Capital Relations. our joined Senan CFO by Heisterkamp, Head is is our and ESG;

morning and you just almost And published professionally my to that a all we this to of the our I work we which I CRH, sincerely take help you XXX,XXX last hard on. and so, for a through results. most us short for worked through are course to dedication were you want and made before But the to year, record that colleagues sacrifices personally in earlier results going people and difficult deliver say indeed and challenging thank the us few do words very to year for

course, help the as We science the to will see this us pandemic come course a are through to Of hopefully relief year during comes yet. the not us. we of

all of and all I can after it respect this best can. ask is stay situation the protocols, until However, try safe, other us that to each look and unwinds as

XXXX setting or year? even you minutes XXXX. through us to sense delivered going in though early out indeed are next numbers? have is go presentation, we our the like what to in background very some was the you on those it so, the which we the for behind of a over takes XX performance and looks So How What business through of

years. a us also changes have XX We like to up over see of next the changed stage to CRH the happening some to take and our how sets of the of growth face explain the has been in last that business And that in little bit our would time company. of for also

and different we will anymore we that on. a everything As usual climate bit live questions the we before, talk end because have but current the about remote, will a course answers later little of and at is are not room in to

I first not the on and because What in principally for and two. to we A So, business have in year CRH. to with that we seen businesses, foremost, some necessarily and life actually our just get Western to slowdown ability volumes, the I us go key our of across slide but on out CRH in and a happened is is are regard significant our what’s a messages said in we to in if slowdown challenging as seen restrictions that can of our first set to Europe. here, work talking very slide have

Of course, in of a some the world of markets. months lockdowns for couple main several weeks and our indeed

it Central saw Eastern well. as Europe also We and in

activity. America, our only meant It’s United activity much, as and were in construction was necessary to be States, back X%, X%. in about resilient. topline not deemed where quite still particularly North it here but Although, was but revenues the by that a And it slowdown levels

which declining was best in worked results deliver advancements profits, to to our cash, and this another of topline, course report and I And try of within happy were margins again a three in against we businesses yet both a am a year where and robust But all of possibly year the strong was XXXX, really backdrop we it ahead could. again performance.

utilized it that and balance strength Of strong you can cash for converts see course sheet. higher of into and profitability us the higher in is cash our

at now is been. ever sheet the that’s balance strongest Our

so particularly times ahead. But and X.X very years more of of well Net against the significant the opportunities in at we that presentation. we the to EBITDA talk ahead going up debt us see sets up out when will it’s measured that pipeline about us in

cash returning to shareholders. put shareholders, for cash that good our use our being Also to

this to in generation $X.XXX, years of of performance of feel all talk about dividend cash the increase but the announced flow of an the allocation course feel XX% presentation. we the in we our test as not will a a our support our that morning and the recognizing the how the ahead full have dividend, last of ultimately strength we in cash and We aspects our also our year we increase confidence forward strength the about during the year, cash in business of will only business go and a repeatability into cash

Also we recommence $XXX should our to buyback now our announced our spend are say, about I stock program, we where have continuation of end to of million the June. back between a announcing ambition a buying and up

result we a also XXXX. the about course, work reshaping of of talk performance the during of been That repositioning of of in businesses. year a been helped our that. we deliver working and to have All hard going But years this and the has for number has are

deliver also the working nudging on performance been within and on on basis. our business. been has continuous have year-to-year a huge of business our part We how margins businesses within improvement That a we and

to the in also there’s businesses. crucial But of materials. terms We used position some produce base our just of changes been

presentation. the our of much options We decade have solutions to now to better back expand building one evolved upon providing our and on I for at that very solutions integrated be want business that and customers end focuses last the over the

going you key in take for our of highlights Senan going moment is Dublin. some through back He the XXXX. financial So you am to I performance in to to of the Senan? the pass

Thanks, Albert.

performance very three, environment can against robust XX slide very we this I the been months. trading So I for financial now morning. summary it’s been guess the has over and last from have what set highlights a results am to slide on turning out this set see, you me in a our as announcement challenging

can and the reflects reporting are activity that of the sales negative $XX.X over COVID in decline billion, particularly impact a markets that which we on really a number of during that quarter. second levels is You has last our many had of X% see but year

Despite $X.X which very profits in the performance XX reporting testament the really billion of profits that in the increase record course are strong a real to months. our decline preserving a of That today, performance what earning EBITA, to quick already over focus topline, last X% attention is is a we over was and XXXX.

our last strong XX organic another in significantly That our increase also profit strong helps shows months. over margin, our year us basis earnings growth improvement, margin margins performance profit the That’s in up well XXX as of share. points performance to per of

pre-impairment last basis year. been almost have on XX% We a over increase

am I very operations group all another will sheet. the across we to strengthen talk again capability our has within balance our later. our that the of have say strong year generation, cash that we from generation detail cash underpins further in cash pleased and $X.X strong more about of had billion That

more we us within We that as net-debt-to-EBITDA is have capacity the the a the times. create organization it forward. able gives now leverage seen got and have X.X go across year-end position lowest That last value be to decade to the certainly at ratio we where level is

trading update the North going this Keith on in you share performance to who up business on on then pick American and in will backdrop and At the in Europe. hand performance Materials Products Building our update back he North business the also maybe to with I’d over America. on you markets, you point, like to trading is update will a our Randy Albert

Thanks, Senan.

in if portion guess, regions half States, demand had slide If of with to that in I’d along the I United Construction particularly place, describe were in were the you in first turn northwestern and Canada word activity to northeastern to were use the of restrictions year. pandemic the the say by primarily the one I impacted five. that resilient. XXXX, construction put

Our Central, United far States affected. businesses part in the less and Western were the Southern of

know is we our we pleased there. of business Materials to momentum see infrastructure exposed about and to are continue with you the XX% As

funding underpinned support XXXX the were by below strong slightly levels a state Although, federal, that level. activity at and local is bipartisan

newbuild multiyear of portions the and is continuation interest construction pattern housing levels to a we was in southern robust new U.S. at inventory for construction, have supported U.S. low migration rates, the low Demand and Moving of by really high, western residential seen the the to

living Remodeling activity improvement and the was saw households spaces. we their of importantly, outdoor as for well strong more income discretionary and as out individuals building to and us improvement homes, redirect

call would we good hospitality that a across our it by health and that And all Lower impacted. heavily of centers, market lower input despite office really good data anybody was activity the activity discipline retail, partially and cost that in warehouse, was a saw space particular in of I the surprise were level the and non-res And to not most markets benign levels offset communications. demand a and product lines. commercial of environment really market

turning work now did the little the proud XXXX. to team with performance, a to six And about America’s and of bit talk slide really happy in Materials

readymixed asphalt slide Our I five. talked on due production levels, and concrete about were volumes in XXXX primarily to aggregate restrictions below the

each volumes activity with environment demand a remained bit west in intact cement really lower And out levels XXXX driven strong, Canada. roughly line in of and exceptional by But by an did and around our offset levels, a that into lower our those in our improvement despite in of again translated discipline of the lines activities, teams margin levels across business platform. of tremendous commercial job

able stand XXXX to that of levels and us been what to our a EBITDA model then the integrated I to to improvement versus model a demand improvement me to look at operational market margin ability for today, the business that’s points. really really we and of results business The delivered what has in XXX basis for you and on cost our underlying micro great XXXX our volatile agility. But see to the the our back when our saw performance levels vertically basis flex and a base accordingly, resilience highlights strong me XX% adapt leverage and scale be

of from those majority gains margin teams the our lower result that improvement better really a was just Now But that certainly environment. markets serve. of in we execution part from the came energy of

that, I will with to And Building over you Products. presentation through Keith and turn the take

for slide and to We ways the in out XX kind And of sets the the year it business of It countries us. that’s a do looking crisis. year world certainly and XXXX. was difficult Products challenging handle XX now Randy. at last different seven, performance around Thanks, different Building

well grow continued and able our improve a backdrop customers. developing sales, progress our were delivered We as against solutions business But that having by teams challenges. focus improvement, the on our as margins integrated in profits despite all to last for our term our business continuous our and grow products long year

ups were downs. there mean when businesses and you inside I look our portfolio

building though. business, activity non-residential, Our focused preserve North and had on and good that in primarily last We is controls had primarily Envelope to Europe, our decline challenges profitability which its America cost year. business did and levels

In indeed North America were Products Europe. we Infrastructure grow and stable our able margins our that our profits in business we stable and to to continue backdrop saw against demand and in

And do on RMI which residential the we on markets they our Architectural because of a what and for the performance demand living carried business biggest through starting Products in products, products we That’s Architectural that And is of of the and our increase Products QX year. the XXXX. saw in especially core had residential. and have division in within focus are around business the especially record residential a beginning they significant that outdoor RMI in

on year. positive efficiency record we So in backdrop and sales, that are with to and serving record focus our passion, last and profits margins customers record operating deliver that business our against demand able

year. not and amount been last years. just Products last change over in of There’s improvement a it’s transformation But the about of number Building significant

a got of businesses. have more simpler We portfolio focused

our have over And which foundation now the can It’s to consistent growth in margins of from and future. returns. a our we We XX% at are build very you. Albert, strong CRH improvement Group demonstrated EBITDA. consistent in and for

markets. I for next CRH to performance America, the the great strong slide which businesses our XXXX. that underpinned in If move the saw in thanks just really you European on to we backdrop can in a by Look, delivery delivery North And give guys. our sense both of really

Europe closures markets into back well for of in months levels should some before significant Ireland, our and pandemic the the saw was it was in very here much And France several this big Europe it cases. be. and in the we impacted States, on activity United restrictions Western than excuse was more me, particularly of and in half to levels by where second fact U.K. the are activity year, coming

Europe was Eastern there. resilient. at delivery in little and was bit It good Central back I mean our was normalized upon a a little it And but really more bit resilient. more least levels, markets

talk course saw the year on, work we the Of in half strength increase brought up later we what Europe of fact rebound the third to which half strong row of the the in the major will year year Europe. that and our year second a about from we in the half catch was and through a there was the was so of saw price much second in first the see again for delighted businesses in coming in particularly

or But to very delighted cycles in I’d both trying different the it to was Materials to division next very second of in say, three I extremely Again, at businesses in Europe. in the environment. ways busy a slide. ahead job different the was manage that have were margins Europe see one two now performance half what year an the year specifically across we to that mean profits was did and on and like turn year half the performance challenging. look in second to of very challenging and almost a I solid of good

the be. cement of Poland strong said, and And particularly seeing year very consecutive in on basis increases, that. price We a back where think should there are the to coming they big our had getting third of prices I really As Romania I we is what through performance businesses.

therefore global the XXXX, financial and we years changing that proper will the get and in or across need by in need made and to rest producers sometime continue regulatory investments these all the a have think around environment the XXXX Prices world will normalized investments significant the Europe continue in I made Europe back to and we pricing be crisis pricing major to cement been and from more paid dislocated we be ahead. on of and

the the it show profit you the the in are on Very work of face have doesn’t margin. happy there, looking account we to loss at although and see progress done and

step we pandemic. of Although, a result this it took year, in back a really the was Europe as a margin

of resilience have business attest which pandemic you by pretty can the if I’d the numbers United to business about are was see the of in taken but in basis our of And fact, to worst months. close And out U.K. our terms closures Kingdom, our the across five much the six part months margin would XXX out of that points, progressed Europe. to we the

business conclusion what Look, kind a that’s a very of to brief were overview of trading you regard to it there. the was and that actually with our behind brings numbers

work know lot to have, more challenging never us have good I the before model something particular that get have and to not to we a really very, that the place of we work business strength very robust to years testament a think seen performance do. we a you only we but of done this environment the have and a in

to you who the So hand performance the that by through to take back operations. Dublin those what was will is Senan? I’d do Senan like delivered in financial now

to can particularly see when on topline profit performance performance $XXX performance now a period. of by our there. XX, months. over highlight you same businesses XX all slide our account that of the last the year on components the turning has our into million of And tremendous for me is reduced that’s this So last our across growth, in in fact a increase terms slide the X% over really take actually here you the $XXX organic million The of

people, the of of of of resilience as the focus the relentless around Group. it’s a and I think operations model on ongoing our business to reflects a obviously it also also all and our is testament that’s the strength strong improvement business our continuous result organic commitment growth the across

of see had can standards year By from acquisitions we activity of $XX markets. XX the course We our net of months step year an in lack over during have a quiet back the decision CRH given We M&A on that of the is the to the conscious the profit. here incremental very front. clarity many divestments last acquisition of million on made a contribution

tailwind a translation Currency year. is small this

had in variation to volatility result has into and Our change earlier year with performance decision in the associations our a the translating our reporting the currency profits. reducing positive

the the business. associated had result have year one-off to activities markets with costs the some during restructuring in pandemic We our required of were mostly of COVID, our impact a of related that on as

all of XX, across $X.X year. XX% cash slide conversion turn can way, you here a have into over another cash around year see last of of row had EBITDA the where above now third That actually cash. is you strong said in our of the generated to billion If our cash. EBITDA into further or what operations performance detail is converted we XX% our

over on is The working actually me months capital. our highlight for the last XX cash performance

the have another real testament of continuing improve the capital around that We all generate week-to-week, capital million positive levels working is and that payables, managed cash receivables, have again out of a the operations working day-to-day, and had again focus base our of throughout to after inventory year. performance to looking to a around month-to-month our managing our $XXX

gives shareholders what can create sheet or strengthens us look in further underpins bolsters balance generation of is options that or as forward. obviously cash terms our value forward Now how does it going we and strong for it we

the to we deals in above. continue or got all shareholders cash, today, whether cash that organic in the We of spend our the growth we return how terms pipeline can business choices on healthy increase of this actually in whether do cash business spend our that invest have if of our to have we in that we we we or we

XX% at next number this now look being increasing behind you between are recommencing that And full program of thought that buyback it’s June. and our return to in context our also year $XXX up around to that of the when our and it’s dividends our the we phase end with year process million

add number over the operations. that course to said, and XXXX. through bolt-on the looking has on invested highlight significantly profits million our of of If our businesses we in going and sheet our what accretive movement strengthened you returns at that also $XXX cash move forward. as done, course And I from of Again, value XX now is XX our net debt generation the have strong slide has will it XXXX. balance the here But cash into deals

back fact the last scaled the the CapEx year businesses, the the in given disruptions and in growth we some that in we Despite invested half a on our first our spent or still of billion organic over activity $X the of uncertainties year.

Some capacity in for in some businesses, but where that our also parts maintaining that record had of our actually of expanding business demands. we of

our some debt XXXX. year position times. shareholders, billion We but then with of debt million $X.X we a cash have buybacks that is of quarter EBITDA dividends, means and in What net ended just returned it to the X.X mostly in a net first to $XXX all below at the of does also that at

think in And as looks strength opportunities and financial that with balance our business strength now sheet this to growth as we the continue ever got strong in going balance we about past able that be the a forward. sheet have have to with to further had and firepower is I said as that

performance talk If slide through the our cycle. about XX you we will turn and out to

the And going for thought or as would know I would I so have set have talk not to the also useful months am humor that financial in to year, but results what it present me current through what maybe done be that XX last I the these you am CRH. listen allow fact last the you done of to you have retiring just we we are cycle. we So to this to

topline, slide for good returns. performance So profitability. strong cash, you But in can our this growth our if since margins see and here and at our what metrics very our our you look XXXX, our me growth the on standout are is

from the doubled this have cash over more than period. operations our We

and XXX way, have our over some And We basis help we returns American -- our and points over have along the and macro increased we have us European points. our both by shown North businesses XXX last increased basis improvement over have over market had growth tailwinds margins that the yes, by to period.

above focus to restructuring what continue the well market to been do and and of the our has relentless also the on to really that’s our across down performance businesses. need and careful us of performance our all to entitles down to But improve it’s our repositioning business the

So for that able to the has slide ability deliver demonstrates really CRH is the this performance me to through be what cycle. superior

the to cycle. and as performance talk move If now about that cycle, through backdrop opportunity against XXXX’s about slide well we performance performance to the XX an and we talk it’s the as the within

the cycles. As in actually Albert strong been where had earlier, in we quarter gradual then year in second XXXX we year a the a and saw had we very a our the the significant during mentioned in disruption first have of the most had markets. We three quarter, levels and activity start across has of to recovery effect business of strong to half many year performance our parts second

And understand is to that difficult of had performance. protect I about So actions think want we to been and particularly have mean, our we the XXXX taken decisive when performance. profits. a absolutely that I another really despite and strong and proactive XXXX it behind have that you has during year part get

over last do both months, Atlantic, seen our both with of has previous more to in that the allow on work sides to we to the to XX that’s years it of make North make America better to type business adaptable, in it it the and of be able to cope stresses the have in with more lot Europe. resilient, more a been effort agile, hard and make put it But to

just slide superior deliver cycle. to to me, is on this superior performance ability cycle, CRH within be for to deliver also the performance the takeaway has So, the able that not but got through the

to I’d back point, Albert our on to like update you strategy. hand group to this At

there it progress most the a progress you, Senan. significant significant Look, Thank XXXX, last number of years is in over and unusual.

yet We $XXX by EBITDA have by normally happen. and over doesn’t increasing revenues million. $XXX million over come That back

what is slide business in to leading we a moment doing how like XXXX actually explain changes I’d explaining some we So next our to have that seen on has in did develop what spend and the that over the last come up course fruition future number strategic also business the to next of of for opportunities us to set avail in of of growth and years evolution the our the the XXXX during cycle.

happened able So $XXX Well, we actually EBITDA XXXX in I by a fall our business $XXX topline could fallen a what have of actually more. topline that against if think had are increase first to actually a million in million? different all, deliver, way the in we over managed of

down we more or to because largely and the cycle, infrastructure. publicly resilient done conscious funded the more have decade construction move made over last a in and so our more it’s But towards and business the it’s we decision so, area, have

it’s and to within of They construction to where last the through tend definitely last much years that us our the economy higher Governments fund support cycle over XX and year. business cycles. percentage movements our helped infrastructure a now the and

have also maintenance, repair more and that, Products towards our shift In business and choice. Materials maintenance. don’t in you in we have our And business addition particularly but a a to repair

You things. must broken repair

You repair broken must roofs.

repair roads. broken You and walls They to broken to. be must have attended

items to very is again revenues. contributors downside. the resilient RMI but particularly two our protecting more significant You those on new defer were construction, And can

more away the of them provide building with into our converting those producer from solely supplying a over number last those and are and base and value-added years with crucially, have But to of we customers. we More moved solutions base and products materials. services integrated materials products supplier being taking

are increases of resilience We do going to in talk and part customers. business important embeds have our within a and customers and integral us our we more the with more I am about becoming an again that that moment. and more how they

So that topline. the protected

wrinkles you Practically team global here count the knew one something were account expect every we would and when were and last to do hair it’s our and Of the CRH. of January to course unwind Gray to within experience senior what quickly. got around profit the and we from during what started last called pretty and loss financial work that crisis. February for year

had been of base. years create cost a to the We working over much number last flexible more

that and we So volume very we get to quickly activities. were the cost flex to base changing able on that base cost

we a very network Also, optimize the we of to production with to around world to lowest of significant of course, when logistics. have move unit got were compared the production the and costs able per network

at So supplied, lowest but we the the kept market possible cost.

That focus and to the of was serve of strong management with I very talking a where part commercial about am had markets a focused We to did. how on choosing when margin I and we and the what our markets. big selectively price. serve at our not our commercial talking management. am products looking mix and markets serve to

out the any There’s colleagues no across lastly to all inch-by-inch, in eke and single every of day. the across silver we course, our businesses yard-by-yard, we business in thing but that important all most to of we of thousands the that make hard performance business them our CRH of of businesses, rigor bullet in improvement XXXX. And all across saw better got the have that our It’s focus the what initiatives do we our work single contributed of stuff. all continuous focus, of by that relentless

cycle. through If the I referred to move Senan the slide, performance our next can to

and improvement, an to what and part has continued do of continue. Now continuous which cash business and may is along on that again drive actually now we embedded relentless margins focus returns profitability and

years. last know, of the reshaping well you we have number portfolio As been of our

a that better and where improving markets become and that fundamentals have levels to our moving on in businesses moment. cash. going quality, we for We the much higher business there’s focus our will growth business been a business has forward. allowed about more better And leaner our the focused had I profitability us talk

markets said shift that will cyclically And solutions approved the and infrastructure business our ability our public the protected and and now to about our markets, a construction topline we more in businesses, you that moment. to move that of significant talk to XX% represents sales as public integrated building which to market maintenance resilient the repair, I again

If I one we can terms are place go of in North use. are end America geography is shift America, States also markets largest to terms the in world in to United in next markets. in our and number taken slide, the construction the the and they explain the the in just that’s profitability North of particularly these -- to player

is had indeed in have the highest position and allows the world course here, strong construction world Northeast, the of repair much mid-Atlantic business that Midwest. what population some roads although maintenance very a and the The really have and this part we to density maybe not position of that strong new primarily deliver market, it’s and a continues of in highest for not there here, of so a good construction, to us. the very the we in market new density Historically us and a there’s

a shift going our we here the immigration positioning demographics the and And decade have those continue migration been and to that last last and the over down avail out XX west. to that with and population is United of over is doing States and significant in the shift into is there’s south However, business the years what opportunities.

will growth I markets out and a continue new now find So for that south on greater and mean, ourselves with on construction the down emphasis greater we west, higher decades.

butter only and the not course does bring construction build new -- it, that time that with in our bread goes it new of will it is and of with which infrastructure construction build of business. course maintenance the course Of

balance the positions we improving very now terms non-residential business geography, in the have residential focus for of strong have and infrastructure, ahead. in North superior growth only for and we within is of our in not years terms the a So got CRH actually America

been we what markets very I a go largest markets to Europe, talk all here If next all Europe, player established and we have in those know urban in demand area Western the our for drive mix or in the in and has well-positioned refurbishment again and slide in also as which continue matures the some of are can And will good strong to continue are the again there across areas, Europe. which there many unbuild particularly But years of the building to retrofit business markets that. major residential are forward. and are markets of developed on an newbuild principally going will demand enjoy of in on in we the about residential the we of particularly world

Baltics important, businesses Eastern down Sea. Central the the crucially course, all Europe Black to from Of and our the way in

positions. We really have got strong

Eastern Europe are see one across EU, nonresidential in We will by here you and funded new the growth of the which and the and residential Central of will course, infrastructure, be number as world both course, we Europe seen have beneficiary a economies back. post-COVID we government in in the North be as should of And parts of significant and in build packages a America in both world. stimulus and

on next I to slide. move can If the

to our fish We they businesses. a big geographic all been repositioning fish done, want of are. have So where the what of have the part we

the a our seen of You and which reshaping making improve our business performance more business. the leaner of us allows profitability the business, focused to have

business developed towards two spoke improvement. of we blocks The total our is major XX% on about, exposure our repair maintenance, growth sales, economic term publicly that the what continuous to building more which that new course, in more funded infrastructure. movement and relentless of course, of and focus The longer of of towards residential now is and business movement the

just But and been in and in have that what changes. have moment to All a more those course why has of much we CRH year. the last been made results has the explain of what those last the that changes is cycle that delivered I like take changed delivering to fundamental we during

is live our reduce parts slide those on life of we all of to in is please. the with construction changing changing world. it we way on We construction. is automobile all produce the about we changing aviation is same are changing construction. changing our Well, changing these industries, because and goes world of energy, to have It the Move live world the and next the in But of must how of our impact It the world of we impact for industry. food. the industry. reduce our because who we way by we the It’s for talk lives within for produce the all

it century billion in not world urban just urban will in in we be At people our way tomorrow sustainable. the We Today of people. environments. over building environments of time last the years’ lived X.X It’s our X.X world. people cannot billion today. billion turn it XX to the live In X build are continue

the our have construction to going on reduce We are impact of world. to

this lower support we I I narrow lot reducing carbon about want kids zero a emissions, of reducing and got world. COX the harmful in live absolutely in do have we to have too. want that. in world. carbon emissions a people a to of and to within place that Now, talk programs I live focus

to ambition the But be out at broader much It’s narrow and in we buildings, build broaden ensure carbon. that’s beyond way buildings building. that localities resilience a are argument and of that less we communities has must the focus we intrusive the look those just construct increase cleaner we ambition to to to where of a life that on too the cycle of the

months so way our have parts quicken do taking a as rather than for we of process environments major our doing that. we buildings our construction at or we the intersections that be three must urban we in cities, two to up, do or months speed We quicker major

safer, the efficiency safer. to must we in we of improve the it that and not must the but to last of do just have also do we have be build longer construction We process, sound be from better, buildings we we it a our terms And light, can done. efficiency, how building we of thermal buildings it indeed and way possible less from must must are in a be view point world construct or from intrusive on on every the

resources. use more must and forgot In and do things. and more industry construction we as are how must finite waste use be We an how are circular they less scarce the We about much They more we and limits those. We to we we must use thoughtful economy. natural contribute as a to company.

how economy. at has construction we circular great itself to a do to Looking and the that contributor be

go slide to next please. then the And

growth faced at you staggering be we about just -- the with. urban here environment not it’s happening population build the trends the numbers If that are and to are look going numbers the of

to environments those people The have that services live cities way. sewage bike spaces, we whole to to a that existential green to within in between of those could water, with we so change. have currently going issue be water have to improve we are we have, air are have can and deal those to against to resources, them. going scarce improve more we cities quality, the within management, environments of done have only them goods, the safe sustainable spaces as Crucially urban those with fact the that around move living and We all not dealt has as but move the utilities, people, of such urban challenge climate to has be and

say well slide in of be been this. will doing How there, North me is all we Well, CRH largest we will first America. and has CRH changing please. recycler But change. Next to continue the let just

materials of America. are largest North in We building recycler not the

America. largest are recycler the North in We

XX% a the all one of are North aggregates, And concrete, not sky. of in we products in recycled mile America, is largest have uses we XXX% The our many life. future every make Today up recyclable. XX% the which we They don’t have materials. road this produce pie revenues asphalt that are built and only cement, builder lives. road of They thinking

already a continue circular in are grow the and contributor that significant to economy to to is ahead. the years We going

on But are slide CRH and with please. our our interact not every changing, in changing too. day customers customers world the next move course it’s the in. see it I we If But just are to of single we we live

us They so product, simple needs They create But chain. to want a supply. can talk reliability are. they want and of tell want partnerships the they the challenges suppliers crucially with, of and what develop the improved solutions, only services materials supply materials, that the with the their that quality with collaborative necessary us and of They security combine the build solutions. they to deal value-add more to the solutions, tomorrow, more are product them help and faced innovative but world the end-to-end and not

we Now do sitting corporates industry. materials do and if this, this? to of manufacture here we going the is We do in middle don’t end Who with We the this. this the deal don’t are right base if customer.

because or governments the We are who? experience. us, who regulators, ones have not If we can’t it leave to the

businesses. within had entrepreneurial the the our We spirit imagination. have We

We We the have had the knowledge. experience.

creativity. the have We

we and must demand the any of focused and simply, out back Quite it the climate and can capitalize is to today. enough more. We opportunities we more are have any end do ones who in business to not customers sell in the by it and live that the more, customers materials demand the both a of connections longer the our the of company on dig environment markets We the ground ton. our

please. Next slide

developing better construction more are cleaner a overall So have environment. the and our that and and quicker range build and have decade going been been build work for reducing that impact reducing and reliably, integrated we we we and times build construction last of the on we of that to value solutions added are

generated revenues In value-added we and the integrated fact, through building XX% of year, last solutions came year last products.

lot of a there. talk So

slide what on currently do. Let me next translate we into businesses will some to take have of through reality. some I on this of go you examples If I specific they that

Our is a rocks. big decade small It rocks into made Materials half business single more broke business. that in CRH our largely just was actually. ago, largest business A We produces our so or rock Americas than speaking. profitability this

there could problems. see last the problems Then almost stones of over then rock. and customers years, and the delivery. problems six or five our of of and into were we dealing number they quality to They What those maintainers they with having turned laying suppliers talking with had the problem the they was with did were the But problems, all that contractors the collecting asphalt and people, adults. they their individual contractors asphalt they

asphalt of largest So manufacturer in the are then the North manufacturing surely work with to ourselves, and fact, today started we started in slowly but America. we customers asphalt we our and

all in laid the In fact XX% self. North asphalt we America to of road the

the manufacture road the water laid systems So you the culverts itself, the service. asphalt, well, we you customer Can Yes, and just sewage. Yes, road drainage that? itself. for and for for the need we And actually having We can. then can. manufacture that? didn’t Can piping we we the -- water said, our we need lay supply supply

So cement we and into aggregates our concrete products. turn value-added

base a road. load, We we that from supply the probably in road CRH in play to or EBITDA freestyle because with materials. business. relay years solution here road North pure full billion or getting the the contract has driven And seven that the years. that $X a years winds eight we America needs we then So we And And finished for have to just high every the road whole an road to all laid seven of per of we be our extra probability have about know don’t annum integrated five rock the years. way that over supply the maintaining maintain for

enjoyed because in margins. And was Materials because And that’s previous margin our Last just year ever highest business. the the the at ever highest big. was the by it not was highest margin, we Americas are better, record year doing way that margin. ever It’s we

stone more So integrative selling about it’s better it and just just keeps getting better solution. the and total it’s about not

Products innocuous Keith Let probably usually which the another talked slide. but exciting. business next XX again not commodity And about have. basic years this our on we or some we fairly basic business commercial was pavers maybe business to sold ago applications very me a go residential on Architectural and for grade conceived

different and started think together we retail backyard. whole the different and United different products, Home space, and different a a to products, us outlets and here range but came to the a said whole slowly finishes that with Lowe’s, developing range collaborate customers. with to we surely colors, we outdoor all patterns, innovative Depot of in effectively look sizes, only branded the products different types pavers, of two contributed States, of of developed a develop big value-added our sudden, we they And The relationship an them can

we So under whole to the brand two those it’s decking, hardscapes, We major the it’s major across it’s professional and supplier just and provide distributors space now, retail other the paving solution it’s here masonry, and North are own and it’s a many garden. lawn we in that control, not America. outlets

for integrated Again, do year, our for solutions actually actually which we the developing products the every of providing a really new range key them collaboration customers products is it’s were issue in and And success. again hardware, last business over the the of key story at over decade our this that’s division that not this XXX% software of to has the by record the driven margins. profitability

Envelope the If I our to on can business, Building business. next go

business our a glass. Envelope We it, provided so shaped or to it it, delivered it Building customers. cut Our took decade ago glass, we tempered edged it, bent and

do was listen have to this to to They our our we every person this what got wall, specialist we glazing the have go to well, glazing to lives. us, get to But day of systems, go the integrated we correct slowly solution told we to together customers again, where here single service provide get we to and but we brands laser. now our provide every glazing a for have product the fully one-stop-shop a under and customer have hardware pull we to the started surely for the own get

providing driven all to and has needs we integrated our In a XX-fold in already, for morning customers do that over laser the and online. everything record fact, a decade, increase will solutions again it Again, pallet its done last margins. be for profitability tomorrow at it’s thing him so his on mostly the in all just today if product origin construction do site he one

next to go can I slide. If the

the the showed over eight to a it has growth Senan been years that of our earlier business last absolutely attractive repositioning on years driven So markets. performance more geographic seven by or

capital of maximize the that for by helped a of may portfolio continue portfolio been to absolutely our repositioning within it It’s our refocus and shareholders. continuous and allocation long value back reallocation and

in will and integrated is about driving mistake that our on to part cash continuous The to CRH. profitability. has and for focus sustainable XXXX returns improvement increase our continue margins, value-added key margins the But our make within products DNA that increase had building delivering a driving a our more no been business in business increase construction solutions, and on embedded to is it. delivered The

in I slide and So, go outlook look think cycle, are for course, think, ahead? of bounce the back next set the few just as next the we If us onto at enjoy economies knows, be could our We if Canada well-placed how have setting growth does we Well, the and please. there that I stimulus it to years and in we benefit up significant be will will growth, the well-positioned. a next rebuild and States We in to Europe growth. up post-COVID stimulus indeed of United businesses, those everybody world packages are both are and the to in believe necessary. very governments

a have business. reposition We stronger

And focused on now our of focused in the are sustainable where now, XX% both range geography, sustainability areas by sector we products see by construction. use. We be and integrated revenues end to it a compasses growth XX% the is the solutions going range and of to of produces by building that

appetite had have strong construction been have needs ever We before maintained, good. balance are of M&A solutions but so and Make we more our about is is with pipeline will in our we the strongest sheet deal our no creating changing for have focused for with. history. And we the on discipline doubt be ever with them that they to our do value-added customers than

to But markets good. fundamentals about we private not crisis are we very look resolved can be to of the to normalization support government are to there and COVID, see on has talk last I a support going are out in before and The demand with expect if woods long-term to yet. time the So the XXXX, construction. health indeed go slide for regard of specifically see uncertainties. significant do forward near-term We

Of no have it. course, about doubt we

on year, it continuing cash. of focused on and to returns our higher are higher last and higher did We focus delivering the what continued we strategy execution margins,

presentation. Q&A of part session So have them back is of Heisterkamp a at Tom been different because locations, who technology and to back that you the they the Holmes moderated will my ends presentation take the the different pass part fact the Dublin, questions and that receiving during will the be next the formal to of and going the some bit in And colleague, course today now by part involved, the your morning. the are of us little of of Frank I

Thank you, Albert.

our that deal and that Experience Moving you by can’t two e-mail phone as the Q&A continents, to moderator, of on will heard from two the locations to today your we are over our different because have present will have provided. and here they and the part I will web Don’t than says represent. submit webcast them over ask us we would questions forget today. them and the schedule we please questions take you to more with presentation you in Instead, your gather here facility name the questions link that to time And management. your mention Tom institution we live. usually to allow

of any afterwards. addressed directly, be your be should assured, not IR questions please team will you individual So today follow-up the with

we already you with the questions question maybe first So morning Tom that, maybe early for have received start some as team. this the can

two in questions you, come the Robert Albert, first Thank Davy. Gardiner Frank. from

the think on provide we update should acquisition outlook? way? dependent it question is project you question your of delays acquisitions? or an first your backlog cancellations? returns will between shareholder the is assume buyback that and The infrastructure the are and we continue can opportunities any tranche beyond please second The allocation Can you how Materials on is or Americas capital split initial come the about seeing And

here Randy season specific materials yet. questions his regard in lastly of very Two Tom. early to will him Thanks, to there. ask go the it’s terms to backlog. market Look I views on about the with

not take just again. will through out on to So let’s that. But call it Randy his views

can as I firstly before my to But own pass through comment if it is our pass his to have might a I do just Senan. what Senan comments

we CRH allocated to mixture to you M&A, shareholders. capital have think drive how at for back dividends. three and returns business a performance need of four our have increasing to we to years our the has careful how the capital see of and I been only years of our two buybacks and years the mixture successfully last allocated to And over businesses strong that value and also within look

that’s I’d as going years, views done that’s to couple last to expect what forward see we start enter three are particularly into the how But next growth think the Senate we what out. maybe terms you to I of going your maybe like of see we rolling years and have cycle. in over

Sure. Yeah.

are you. Bob, So, how

asked won’t be probably answer this and surprised with news good have these before is the changing. I the because you questions answer maybe You know isn’t

we I first the think capital the highest us the about attached investing we in organic is probably growth start think when where look in and our that to that’s priorities, our the at terms we we place and of risk in allocation us always one returns because go. really business, the lowest gives

clearly a part. that’s So

appreciation. guiding depreciation. expect. normally and in billion you year be $X be would that, about what spent in was is as line you with of that than And terms we That’s growth. XX% I’d more know you last look As would That into beyond XXXX organic lower

what organic is XXX% terms to you of So depreciation should expect see in running at about investment.

The dividend. second is area clearly

dividend to progressive we have progressive showing again dividend. we mindset have is years where continue mean to or coming dividend. through. This year of either a year another XX got progressing maintaining I We are

XX% and a got per share a in have We XX% growth have dividend. in we earnings increase

maintain us an is levels we ongoing at healthy that terms that making in cover priority So of healthy with obviously. for sure

to The buyback program, re-launching at be in time. it’s point this that good

back able shows what our cash and is we share giving way actually in to that positive of are that an shareholders. discipline buyback way that to deploy it have effectively is that me when a back does use money efficient excess we For an got

the past they there in into allocate over know you going be the And that you looks to have team terms a invest be diligent capital future that continue forward maybe will of healthy have mentions hopefully to a morning deals will challenge also we going to and pipeline obviously fact as the of in is that have done then be and we we in we last this the that acquisition of clearly bolt-on is couple to terms done that do pipeline into we disciplined it’s continue capacity just in able when heard come really the how like along. opportunities but decade. And and ‘XX, of that medium

the maybe activity part pass or can levels of backlog part second and do the Materials about very Thanks in to question over was Senan the Randy Randy? other what XXXX is here much I the in business. and our

said, in days. Albert, then and you as guess of things at I it’s particular look I overall Well, activity bid early actually backlog. two kind our

bid that getting this around the is we saw time our quantum equivalent and overall America across in last our year say stable. are pace with same I’d roughly activity so year of So and at shares North the backlogs pretty same roughly we line

sense of part give the projects the would on I you we think one that terms is of of more which multiyear the of color things backlog, maybe that seeing a that are particular little states of federal a in expansion bit as as improvement confidence because Fast extended and that for think, as the well infrastructure underlying been September understand in and have I states, in -- general. government improvement need has to an the to Act

maybe now package well is a be U.S. for the terms the aware the place taking some happened bit debating that would that falls out of that activities infrastructure. today, You of in of of and Senate actually what’s in stimulus

of more because But Fast bipartisan shift done eyes then all the I version once is importantly, to the will that is Act. new and be issue, it a what would attention, think, that’s

were that as today expect to everything we far as flat see I and is to progress where And there. would exist roughly as stable Bob year. last But so, we

Thanks, to you question. Randy. back Dillon for the Thanks much, And and very next Sam.

question Kuglitsch The Albert, UBS. next comes in from Gregor

First cost kind main on question front what for in is M&A, is, what in inflation pipeline to be regarding for your margins and expectations And are there and can done XXXX markets more the question you CRH? your is of improve your in are divestment second M&A that underpin underlying the transactions your outlook? and pricing

in well. Gregor. and about and talk M&A Three about also here questions as first North Maybe particular margins can in in I’d on there. my indeed Randy Hi, colleagues talk America. Hi. Okay. pricing Europe I just myself by about talk back asked Keith and pricing and I come within

Look, business of that just have course, margins. can improvement translate improvement we higher improve I continuous business margins. our should talked about that continues and some

And cash We cap would the why have with to I as ambition an grow. the rich, are to returns would we. never seek margins always

continue work will we the we continue to be question yes, see our we within grow and to So so to business answer is, on that. should as much that done more to

what pricing, colleagues When Europe happens might pricing happening non-residential talk it my that. in Maybe Randy individual see of Keith what in I two and the turn infrastructure of North comes about maybe just or will you America in at the here and and end the residential to to first. might I you you take terms terms of might at look

America. businesses. North play those environment We markets residential Randy are Hi, earlier of Demand gave if in the as for so factors he saw good all in our I they sure. was pricing overview. not in when same think and Albert. remains about strong The Sure, the most at here talked non-res res across improvements in pricing XXXX Gregor. it -- And Yeah.

in non-residential activity. sector of a And while are the still good seeing challenges some we level it’s

incur we and are teams I in businesses forward expectations good talk our across so Randy? And XXXX. when we recovery and seeing look pricing of that might go for with price we as our cost any

Yeah.

business aggregates. say, terms it, in Materials last in would there’s a all the I’d lines in the, saw continuation of kind discipline say we we look then really, crisis would those year where in and a aggregate general in the resources even pricing particular you can to for the recognition of that’s of In pricing of what call of of in finite all escalate prices availability markets. strong to value that I I expect a financial space, back place saw and the

through going expectation for part is cement as place the well an of in see pandemic demand be you see into And of just to so restrictions would we this same that continue progressed business we and on my improvement that to underlying we XXXX. that as as that our won’t are get year, because is

it’s line it said to business, I business whether kind in of of business, comes have business have the would very think when about line or expect of in margin those to in line asphalt our managing and I of readymixed this about it’s I other lines continue executing before, our it’s there commercial teams input and costs been effective management, strategy that XXXX.

continue continuation we seeing necessary a pricing part is with about a European and years. new robust ahead. And former how a what in in pricing number presentation, will that pricing is. and XXXX, of perspective will pricing necessary I tell on year we a actually recovery of That how If the the can’t you really edge keep the the guys. for of spoke Thanks, like are moving recovery,

as pricing in going in to growth should drift we indicated recovery think go European of of into maintain going million and $XXX kind across pricing seamless a to that’s back economy all know that backdrop across be and relief continue we forward. of down to for particular terms filter volume chain Europe as the And I a support Union way there’s activity will the of to the that Europe increased real and package

a pricing fairly outlook both optimistic So few in and years Europe ahead. think the I robust the for in Americas for and next

that M&A, With they of we but every the progressive. radical in of is to nothing a do not sheer industry by it’s look, our mom regard of The reasons, regard big here to businesses. from CRH majors, our of with speaking the industry bolt-on multiplicity do actually what CRH, North day fragmented pop because businesses. America largely small for is are we in nature is owned and And XX% local deals that that doing, course,

network scale we and how of through that’s value the and What and gets network our of and create and procurement those and course, it advantages buys continue. pulls in them long we may is, advantage do businesses process

America in the to Lafarge business, and In two massive of a the same Grove addition add-on Ash stepped platforms. as will half a and $X.X years footprint here continue same -- to did up transaction. that and deal our Products cement will deal, be ago massive this additional in our course Holcim billion to for acquisitions $X.X a we Look at with stage. get a out decade, deal at North that, next deal years into we step with C.R. Lawrence three

So deals see as platform to would well. expect I

where see them the the value-added of adapt base our But our marketplace. we companies to changing are Products we to see for into taking what base expect and turn materials that’s our as push our providing within services spoke we that about products idea I a those also I expect would big to the space seeing the with customers, in provide that solutions needs of businesses materials

we Frank. same have Dublin, of So more question, XXXX. you which so to integrate Hope in continue businesses, your provided the as Back evolve the approach to answer around with for our type but Gregor. more that in solutions existing well us

Albert. Thank from come The from you, questions Bank next Arnaud of two America. Lehmann

what it top to question is what First the exposure year? division line Building and support question the again Second U.S. growth does this residential strong is could your Products market of Materials pressures? cost were of how division the of in XXXX is half in your sustainable that of in the the drivers and XXXX the of Americas inflationary key context performance second

the am right place of two the on these by topics. right Okay. knowledge two Well, in I man the sandwiched oracles

to the of all, your the and Building obviously in comment market, over you? first So Keith with to guard residential Products

is Yeah. Arnaud our biggest our our total market. in our question. Products division, for XX% and residential demand for Look, U.S. Building obviously the is Thanks the about residential of U.S.

of residential component by here do significant a markets in we the driven Building U.S. the it’s So in is Products what

they earlier, as And noted are robust.

a I year X.X think about would our for good and and of think, we demand going know business. see around kind last residential I business. starts that new million stable that for forward is will there’s our I Anything support

business built it’s think is, and in feeds really in that is already as develop, the new neighborhoods for by cake, I CRH residential icing XXX the communities here what on there’s homes go about live maintenance that as in demand the for of like the important new home every and develop neighbors they -- that’s nicer stock our U.S., housing existing driven are But kind up, of the want I our incomes the think because improvement to as business. is and homes

thing that residential XXXX. maintenance lead think for that in the the that year-over-year stock us big residential and strong the constant with talked have within and partners improvement then could growth strong a housing the space. foundation retail in I the about But the the and So market for important professional space space is in Albert we of

and on as them, Thanks, backyards of in they for not the all have all as significant as dividends maintained the but new home currently be increasing to is builds. to the And be here very paying Keith spent And for every business. Very the again and ground focus needs that. homes in that only mind the houses we and again in need Keith. clear here money XXX on us

North that Materials in might maybe interpret a quarter as four, business and means well. us Randy, second half America of in in performance terms strong it in rolling we had for just particular forward what our

two Yeah. call And to new really asphalt out the point, homes I’d driveway there. say did a But your comment successful well. residential XXX things on as a those top maybe of need I we have QX.

be so and conditions and year a between year particular good quarter. the this a to way was able can doing were holidays, the time in been have terrific. difference which I and weather the all long execute up for One, impact And a was great mild really year the this fourth we very in to

that my back well work Canada. second regards United in in going to the the in That Northwestern have States, talked had Northeast in of but the restricted particularly of part quarter. as middle that think -- and part the as been the about place we comments to the Northeast lot the of a I pandemic were that But in significant earlier have we the platform restrictions now to

of carry occurred work a to demand and bit work that actually and we a to XXXX. balance there’s So get that pent-up of through the were that able

the would in and well look infrastructure this long that res mentioned the and officials portions broad as year, the lay kind other we the I particular as local, remodeling of state, economy seem that momentum, plans we say, be I engage continue of moving aspect legislative to as into bipartisan around continues res. even As the to much that really out momentum fed, of that along reasons are support seeing

saw underlying continue will that while terms So peaky see the not kind momentum we of of QX, momentum may be in we to demand. though in

significant European in indicated, Randy. perspective. in And further maybe in restrictions Thanks the can half again had the fact, Europe. year, there strong up with I But I first within the from a a add that. mean point demand the Arnaud, meant half as Randy second remember was we catch of

to need second what you half there the interpret really So happened.

was restrictive most Dublin, half to course, Of but work particularly the you of good, strong year to markets. people in Back of the momentum in Frank. it is some particularly in because get first couldn’t the the

Albert. you, Thank

the from Next cost Exane. Roger comes year from offset they will sufficient be stay pressures? where be this to and are prices these if business in Paul the what pricing will question energy And headwind

margin our come terms continuation turn to we would Two here of this again. of I to talk you, pricing headwinds, and about is Senan, Paul. year and interpretation there. of own And a we Obviously, questions ambitions cost your thank back course, current for again then margin. about think of you year. related Well, in might Okay. how business this will

cost our when Sure. you headwinds. Yeah. look at Paul, mean, I

costs, know costs, them terms of in of et our you lot cetera. a our think well I labor materials

up I this usually having think we costs. about end energy conversation

obviously had that have a as in business energy our us. particularly through average XXXX earlier mentioned year the costs America’s in Materials saw terms We decline where good in on energy helped a of has course we and costs obviously of Randy

I think as we look into XXXX.

or our in the I on call margin. we costs think the headwinds conversation main that thing and out focus space, about energy had when is earlier would I I think margin about

that be and in to inflation price positive sure our And margin. any to our ability able are be are at terms make that of still on our to costs able desire that to looking we recover momentum that looking we and to input make

thinking think talk I of as look that’s line to we think we So think any that’s way about do XXXX, item I were ahead to the it. I opposed we the way as they are cost. one about we margin And we can the certainly think about

momentum very can two Europe. and my this Thanks saying markets North and just in be our morning a colleagues to Senan. in I in went year talk mean Maybe been here pricing last can regard year good. with the what about to if ahead challenged was I I paraphrase pricing have Yeah. America continues major what

pricing. are strong and a pricing wrong would year but good for anticipate we speaking ambitions for Europe speaking Our a to can America stages, broadly yes. early broadly would anticipate and Things XXXX. we a North It’s in both positive Frank. environment you, indeed go Back

margin Thank question improvement Question plan. you, can next further this update to Elodie on progress you confident delivery date the in Albert. please How XXXX? The delivered of much has in us is against Rall comes are from JPMorgan. and you been your of

Well, our said as on I ambition Elodie. margin. why our actually, on, Hi. -- cap Good day, earlier

We where see it goes. will

work day. to continue every business We improve our and

progress Over on the good we made margin. last years have three

producing you and told you are we Europe. improved to We of and have as the anticipate seen in year-on-year should would not be improved returns profitability should within cash. different what everybody and happens But in course it CRH external improved world have improved that margins

XXX will But progress the towards we factors. we other the At the be to made of and extent grow of make large will dependent continue points. will we course, basis that, have strides within it upon

have cost works out in XXXX shown year good year. the to how the we say, the see But this progress of I terms have environment, environment. Let’s macro

on seen would businesses in progress have the and us anticipate across another of XXXX. You to I Frank. margin major year Back you,

and U.K. in think the of please The us of U.K. Europe. you given on have regarding next is Redburn lost could In versus recovered performance rest ground you you this XXXX a question the for how Could in of be from right. the update U.K.’s the XXXX? past Jones All sense the much Will

in Well, for returned and during there meant impacts impact across we the United our It more Kingdom in large year of the very back upon was parts several levels activity a shutdowns scale were the amid to horrific of of U.K. it pandemic everything months normal all place the only XXXX, of that the the industry. tough actually. back half was

as So, any long-term it’s really in trend. of not XXXX indicative -- to at look terms

of at infrastructure our I If last works there, I we see happen. look and to the start infrastructure are major non-residential the to three will some of starting the component at the parts markets residential, starting with first, the

hit too high and ground particularly around southeast there. to volumes the the are speed starting are We seeing good

They later But the are lesser are slower through to to other at they through. through. of projects starting Some and come are them at coming through coming least are levels. come some of

you anticipation XXXX robustness the a would residential for in ourselves. is seen builders but we their have seen year at year, through different would talk and the a see the tough And projects. you about -- report, have So, last that house major would builders coming what had programs house all infrastructure

a one robustness There’s a duty and with at pre-pandemic fore, levels the out continue at the cetera, of we government et that least And reduce schemes cetera. XXXX. with much indeed appetite pent-up lot helped there is XXXX in and stamp residential think to lot by significant of There’s very et reasonable demand. will and indeed

the moved that. concern uncertainty us it of around to one are and quite the for the They is a and actually online digital gives warehousing logistics have greatest probably wide course, strong and an for products Non-residential services. cause of deliveries non-res, as we range And covers stations. and world

However, the office before, very, projects work There’s of for Rents very and impacted which new significantly movement away start. people jobs. Southeast been space. indeed finishing And in falling from profitable retail very are which as seeing slow specifically best us. around and our a are the space the a that whereby And was had space London, out is by been we are high for market that probably vacant and COVID by has Brexit. in to lot work spec are non-res

us. work the in the margin, for Southeast, by replaced lower being that’s value but lower infrastructure work That’s

happy to but infrastructure environment specifications and very very different the build within are are London. for high quality the a volumes, to We have

The place. volumes. margin volumes lower are So are that’s and there a shift that’s replaced taking lower being profitability but

the to mix talking would a we it the improvement. as expect given to year, the will the in XXXX, speaking be But evolves. you broadly U.K. are But impact and we through the we that depend horrific when obviously, you, you pandemic XXXX of should go we year of will update Frank. as on your Back

advance last on am actually any an ask time other I can -- in two questions that team The Tom. you. the Tom of the can on questions to later present up Thank been to aware the we of Please, follow IR send have I with here you basis. team Maybe session and individual the today. the

Yeah. A through. lot of questions here coming

them an the in the your gives U.S. have integrated if can provide as two already Could I covered please one and Products just Maybe been squeeze in of in outlook seeing here. think within elaborate a there are said, the XXXX? for on market model another, strategy addressed please you you area been trends the this today. you Frank have final update business the we of ones, of benefits business your them an and nonresidential particularly could lot and on you sustainability? And advantage have

to market here end talk to back the Keith terms good there. Okay. trends solutions come questions me sustainability. receiver talk Two about Maybe the might the benefits building of in about you the questions. and non-residential ask integrated to U.S. Two in of at very

Certainly Albert. Yeah.

retail, As the we the health market that the virus hospitality where most offices, talked impacts coming And crisis. understandable, of things are of that’s out the kind is challenged the about are. crux like of it’s non-res the one right, COVID earlier, of

challenges continue to there are and that be will So there challenges space. in

moment, But logistics, non-residential the has the the also respect at data is warehouses, I think Albert construction to to e-commerce, isn’t types world thriving in changes as those change even It’s centers, around alluded are going. of about economy where telecommunications, construction. as to U.K. just earlier, which the to

a the short-term of U.S., kind will non-residential in XXXX think, the I in Look year. continue be it, challenging to

nonresidential broadly XXXX see we that of is cycle our will probably that in think whatever be I growth. this it’s to down and going view bottom from onward is the

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