CRH duo must now convince markets
FORMER Dell VP Nicky Hartery took up the reins as CRH chairman last week. Now that the boost to the share price which followed last November's decision to move the firm's primary listing to London has worn off, Hartery and CEO Myles Lee must convince investors that CRH can return to growth.
Hartery took over as chairman at the AGM last Wednesday. CRH issued a very subdued interim management statement on the same day, in which it merely promised "a year of progress" in 2012.
CRH recorded 2 per cent like-for-like sales growth in the first four months, with strong growth in the US largely offset by a weaker performance in Europe.
The share price was at €12.50 before the switch to London. By mid-March it had jumped by over a third to €16.75, but since then it has fallen back to €14.27.
Hartery and Lee now need either a major acquisition or a serious improvement in underlying performance to persuade investors to buy the stock.
Sunday Indo Business