Wednesday 21 November 2018

CRH completes phase two of share buyback programme, returning €350m to shareholders

Albert Manifold, chief executive of global giant CRH, which does most of its business outside Ireland Photo: Gary O'Neill
Albert Manifold, chief executive of global giant CRH, which does most of its business outside Ireland Photo: Gary O'Neill
Ellie Donnelly

Ellie Donnelly

Building materials group CRH has completed the second phase of its share buyback programme, returning a further €350m in cash to shareholders.

Between 29 August and 18 October 12.5 million ordinary shares were repurchased on the London Stock Exchange and Euronext Dublin (formerly the Irish Stock Exchange) at an average discount of 1.3pc to the volume weighted average price over the period.

This brings total cash returned to shareholders under the group’s ongoing €1bn share buyback programme to approximately €700m.

In a statement today Ireland’s largest company said that the remaining portion of its buyback programme is under "active consideration" and that further details would be announced in due course.

In the six months to 30 June this year the group reported profit before tax of €497m. Revenues were up 1pc to €11.9bn during the period, while earnings before interest, taxation, depreciation, and amortisation (EBITDA) were also up 1pc to €1.1bn.

Earlier this month CRH announced that Glanbia managing director Siobhan Talbot has joined its board as a non-executive director.

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