One of Ireland's biggest building companies has reported a 55% drop in pre-tax profits for 2009.

However, the results posted by building materials group, CRH were still ahead of many analyst expectations.

Profits for the year stood at €732m for the firm, compared to €1.6bn for 2008.

Revenues fell by 17% to €17.4bn, with CRH predicting that demand will remain weak for much of 2010.

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Chief Executive Myles Lee remained resolute, however, and said: "The significant adjustments to our cost base achieved over the past three years and our ongoing restructuring measures, together with our substantial balance sheet capacity, have strengthened the Group operationally and position CRH well to respond to upside demand developments and to avail of value-enhancing acquisition opportunities as these arise across our markets."

CRH has businesses throughout Europe, North America and Asia. It accounts for around a third of the Dublin stock exchange.

(NS/BMcC)