Monday 23 October 2017

CRH senior executives enjoy pay rise as profits fall

Thomas Molloy

Thomas Molloy

CRH's senior executives saw their pay rise last year despite plunging profits and sales.

Chief executive Myles Lee saw his total salary, including pension, more than double to €2.46m following his promotion from chief financial officer at the beginning of last year.

There was a smaller pay increase for Mark Towe, who runs the US operations and whose total salary rose by two-thirds to €1.43m. The company's Non-executive directors enjoyed an average 5.7pc pay increase.

CRH saw profits slump 53pc last year and warned the outlook for this year was the least visible for 15 years. The company has been saving money through plant closures which have cost about 25,000 jobs.

The company warned yesterday that CRH's business may be affected by the default of companies which owe CRH money. "As a consequence of its normal operations, CRH is often owed significant amounts by contract counterparties (particularly in construction) which amounted to €432m," the company said.

"In the current business environment, there is an increased exposure to the default of counterparties, including financial institutions and customers with bad debts, if the economic conditions continue to worsen, which may among other things, reduce CRH's cashflows," the company added.

Irish Independent

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