CRH returns a further €350 million of cash to shareholders in latest buyback programme

By Maurice Garvey

CRH, the global building materials group, has completed the latest phase of its share buyback programme, returning a further €350 million of cash to shareholders, reports  Maurice Garvey.

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

CRH 1

CRH, the global building materials group

This brings total cash returned to shareholders under their ongoing share buyback programme to €1.35 billion since its commencement in May 2018.

 Further share buybacks are under active consideration and details will be announced as part of the firm’s interim results announcement on August 22.

Meanwhile, CRH has redeveloped and relaunched their website CRH.com.

Headquartered at Belgard Castle, the group invite their subscribers to browse the new site, launched last week.

CRH’s old email alert system will no longer be active, and they have asked subscribers to renew their subscription preferences on their new website.

Last month, CRH announced plans to divest of its Europe Distribution business to private equity funds managed by Blackstone for €1.64 billion.

The European business supplies building materials through a network of local and regional brands across six countries in Western Europe.

 In 2018 the Business generated proforma EBITDA of €155 million on proforma sales of €3.7 billion. CRH employs 90,000 people at 3,700 locations in 32 countries.

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