Building materials group CRH said full-year sales would be hit harder than anticipated by concerns over fiscal deficits in euro zone countries and a softening in the pace of recovery in the US.
CRH said revenue was recovering after harsh winter weather but euro zone problems had intensified and US economic indicators had weakened since its last update in May.
"We continue to expect ongoing improvements in the rate of like-for-like sales decline through the second half, although the full year decline is now likely to be somewhat greater than previously anticipated," CRH said in a statement.
CRH expects core earnings for the first half of the year to decline by around 20 per cent year-on-year but to be ahead on an annual basis in the seasonally stronger second half.
Analysts forecast a transfer to earnings before interest, taxes, depreciation and amortisation of €1.97 billion for the full year, up around 10 per cent on 2009.
CRH said it completed 13 acquisitions in the first half of 2010 at a total cost of €133 million.
The Dublin-based group, which has up to €1.5 billion to spend on acquisitions following a rights issue held early last year, said it would remain patient in chasing bigger deals in light of the challenging market.
Reuters