So it’s almost one-third, one-third, one-third. But again, we manage that on a margin basis. And the backlogs that are associated with that, i.e., your question on paving, continue to improve, both in quantum of dollars but in margins. So it gives us a good indication of where we are. The first quarter is a relatively insignificant time period for us in paving, the season really kicks off mid-April through Thanksgiving, but we’re seeing that continued momentum even a month after the first quarter ended.
Will Jones: Thank you. And perhaps just to wrap up on Americas because I think you talked before about a flattish volume view for the whole year back at the Q4 stage. Does that still apply?
Randy Lake: I would say our thoughts at that time are reflected in what we’re seeing in terms of backlog and the output for the year. So, yes, and that backlog is really a six to nine month window in terms of demand.
Will Jones: Thank you.
Operator: Your next question comes from the line of Gregor Kuglitsch with UBS. Please go ahead.
Gregor Kuglitsch: Hi. Good morning. So two questions, please. So firstly, maybe a little bit on Europe. Could you sort of give us a bit of an update what you’re seeing there in terms of activity trends maybe a little bit into sort of the second quarter, some weather in Q1 and the pricing trends. And then maybe a second question, maybe a slightly longer-term piece, and there’s a slide on sustainability and carbon and so on in the pack. I guess I wanted to sort of get an update what you’re thinking on carbon capture. We’ve seen some announcements on both sides of the pond also in the US. You talked a bit about SCMs already, but your thoughts on those sort of things, please. Thank you.
Jim Mintern: Good morning, Gregor. Jim here. Yes, in terms of your — first, in terms of activity level, it’s still very early in the season for us. But to date, it’s really been a story of two regions. Firstly, in Europe East, a very strong start to the year, and that’s really been underpinned by kind of the — firstly, on the infrastructure side, where we’re still kind of in the early stages of a multiyear EU funding on that infrastructure across East Europe. Also, very good activity levels on the non-res, particularly into that kind of high spec industrial non-res, which is also strong in the region. And we also benefited in Q1 from some favorable weather out Europe East. Looking to Europe West, very different in terms of weather pattern.
In our main markets, which is UK, France and Ireland, really record levels of rainfall that we incurred in Q1. But now that we’ve moved past that into April and May, certainly, we kind of moved past that period of wet weather, we’re certainly seeing a good recovery in activity levels in those key markets. In terms of pricing in Europe, we’re getting good momentum. This will be our seventh consecutive year of pushing pricing on across Europe. Quarter One is ahead, but has been impacted pretty significantly by the kind of geographic mix of the business and particularly that strong performance in Europe East in the first quarter. In fact, when you kind of mix adjust the underlying pricing activity in Europe is kind of mid-single-digits positive year-to-date.
Randy Lake: And on the question around the sustainability, which I think it’s a broader question than just decarbonization. But in terms of our plans, maybe just to reiterate our 2030 ambition to reduce absolute emissions by 30% at Scope 1, 2 and 3. We made really good progress in 2023, an 8% decline in underlying admissions. We continue to be on the path — a glide path to meet that objective at 2030 and then ultimately, net zero in 2050. As you would expect, we say in the loop in terms of a variety of different technologies. That’s a changing world. That will continue to evolve, but you would expect us to stay on top of that in terms of execution in that area. But I think it is a broader conversation than just sustainability.
Albert Manifold: As you say the broader conversation, Randy, let’s talk about circularity within CRH. Remember, Gregor, CRH is the largest recycler of any product in the United States. And again, our recycling percentage will go up again this year over last year. So sustainability is not just about CO2. It’s about circularity as well. And again, we continue to make progress in that area there. It’s a key focus for our business going forward. And everything we do is about reducing our carbon footprint and indeed preserving the natural scarce resources of our world.
Gregor Kuglitsch: Thank you very much.
Operator: We have time for one more question. And that question comes from Arnaud Lehmann with Bank of America. Please go ahead.
Arnaud Lehmann: Thank you very much. I have two questions, if I may. Firstly, on US cement. Could you comment about the possibility of the second round of price increase later in the year, considering the positive momentum you’ve had so far? And secondly, I just wanted to come back on maybe a technicality, but on Slide 12, when you talk about net debt. You talk about the net M&A contribution of — or outflow of $1.9 billion. And I appreciate you had Texas which was, I think, about $2 billion, but you are expected to get some proceeds from the European Lime disposals, which I believe in total should be about $1 billion. I know there’s three phases and maybe you don’t get all of it, but is there — are there more outflows related to bolt-ons in this number? Thank you.
Randy Lake: In relationship to the question on cement, 9% ahead in Q1. I think if you look back over the last several years, really on a market-by-market basis, we evaluate where those opportunities are. Underling demand is good. It’s expected to be good. I think you would expect for us to be able to look at targeted opportunities as well for a second price increase in ’24.
