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CRH cuts management wages by 25pc, temporarily lays-off staff

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Albert Manifold, CEO of CRH. Photo: Gary O' Neill

Albert Manifold, CEO of CRH. Photo: Gary O' Neill

Albert Manifold, CEO of CRH. Photo: Gary O' Neill

Irish building materials giant CRH has reduced the salaries of all its leadership teams and board members by 25pc in response to the coronavirus crisis.

The company has also implemented temporary employee lay-offs and furlough arrangements.

In addition, the group has suspended all non-essential and discretionary expenditure, while capital expenditure has been restricted to essential maintenance levels, according to a trading update.

CRH said the impact of Covid-19 on the company had been visible since mid-March.

The affect of the global pandemic on CRH's profitability this year “cannot be reasonably estimated” at present.

However, it said it was in a “strong” financial position with over $6bn of cash and cash equivalents.

Elsewhere, in the first three months of this year like-for-like sales at CRH increased by 3pc.

Albert Manifold, chief executive of CRH, said: "We have had a good start to the year, and although the global spread of Covid-19 brings challenges for us all, I have no doubt that with the financial strength of CRH and the experience of our leadership teams, we will endure through these unprecedented and uncertain times.”

The company has decided to postpone its share buyback programme until further notice.

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