CRH shares climb 5.5% as investors buoyed by dividend payout plan ahead of agm amid Covid-19 fallout

Shares in CRH rose 5.5% as investors were buoyed by the building materials group’s plan to go ahead with a final dividend payout at its annual shareholders meeting .

Shares in CRH rose 5.5% as investors were buoyed by that the building materials group’s plan to go ahead with a final dividend payout at its annual shareholders meeting later .

Nonetheless, the company, which earns its profits across Europe and the US, warned that the fallout from the Covid-19 crisis would likely “have a material impact” across its markets this year.

Chief executive Albert Manifold said that “due to the unprecedented level of volatility in our markets and the uncertainty surrounding the extent and duration of government restrictions that are currently being implemented, the impact on CRH’s profitability in 2020 cannot be reasonably estimated at this time”.

CRH last month completed its €1.8bn programme of share buybacks which has helped it in face-off with an activist shareholder who has put the company under pressure to return more value to shareholders. Its shares have fallen 13% in the past year. It has also moved to impose pay cuts of 25% on senior executives of 25% amid the Covid-19 crisis.

Mr Manifold was paid a total of €9.3m last year, including a cash bonus and shares awards.

Shares in CRH rose 5.5% as investors were buoyed by the building materials group’s plan to go ahead with a final dividend payout at its annual shareholders meeting .