Mildly cautious comments from Mr Don Godson at the publication of CRH's annual results were seen as presaging a 31 cent (24 1/2p) drop in the price of the blue-chip stock on the day the figures were announced.
The declaration that the company would, in all probability, top 1998's acquisitions bill of €690 million and might even break through the billion euro barrier in acquiring new operations, hardly sounds like the views of a chief executive given to undue caution. On the other hand, the phenomenal success of the building materials giant in recent years has not been built on careless haste in growth by acquisition or organically.
In the current economic bubble, especially in the domestic and US economies which are so important to CRH, there are good reasons to be somewhat careful in expecting future performance to mirror the 27 per cent growth of 1998.
Nonetheless, there is no escaping the fact that 1998 has been a marvellous year for the building industry and its suppliers. CRH's performance in returning pre-tax profits of €409 million (£322 million) reflected the health of the sector which also saw the Grafton Group record a 22 per cent rise in pre-tax figures to €28.2 million (£22.2 million), well ahead of forecasts.
