Business Irish

Friday 20 September 2019

CRH considers further share buybacks

CRH boss Albert Manifold
CRH boss Albert Manifold
Ellie Donnelly

Ellie Donnelly

Ireland’s biggest company, CRH, is considering more share buybacks after it returned an additional €350m of cash to shareholders.

The global building materials group said further buybacks "are under active consideration" and the details would be announced as part of the group’s interim results later this month.

Between 29 April and 7 August this year, 12.2 million ordinary CRH shares were repurchased on the London Stock Exchange and Euronext Dublin at an average discount of 0.75pc to the volume weighted average price over the period.

This brings total cash returned to shareholders under the group’s ongoing share buyback programme to €1.35bn since its commencement in May last year.

Elsewhere, Fitch Ratings has upgraded CRH’s long-term issuer default rating to BBB+ from BBB with a stable outlook.

Last month US private equity giant Blackstone bought CRH's European distribution arm for €1.64bn.

CRH said in February it had launched a strategic review of the unit, which operates in Germany, France, Switzerland and the Benelux countries.

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