Materials firm's loan renegotiation follows earlier profit warning

Irish materials group CRH has negotiated an extension of its debt facilities with banks as it battles with an increasingly tough market.

The group, which operates in Europe and the US, said today that it had completed the renewal and extension of €1.5bn (£1.3bn) of bank facilities.

In its interim statement earlier this month, the group anticipated the renewal, saying: “This renewal combined with the group's traditional strong cash flow profile, enhanced by an intensified focus on cash generation, will leave CRH well positioned in terms of its debt facilities and maturity profile.”

The firm issued a profit warning earlier this month due to the deteriorating market.