CRH 'actively' mulling more share buybacks 

CRH chief executive Albert Manifold

Shares in CRH fell nearly 3% despite the building materials giant returning more money to investors and saying it is “actively” considering more share buybacks.

The group announced the return of a further $300m (€251m) to investors via the last tranche of its latest interrupted buyback programme.

When it reported its 2020 annual results, back in March, CRH said it would recommence its buyback programme — after having paused it due to Covid-driven market volatility last year — and planned to return another $300m by the end of June.

CRH had already returned $220m to investors during 2020.

Since starting to buy back shares, in 2018, CRH has returned $2.3bn (€1.9bn) to investors.

“Further share buybacks are under active consideration,” the company said.

CRH weathered the Covid storm remarkably well last year, with earnings rising 5% to $4.6bn and group revenues only falling by 2% to $27.6bn. Pre-tax profit fell from $2.2bn to $1.7bn.

The group closed 2020 with total liquidity of $12.1bn — comprising $7.7bn in cash and $4.4bn in undrawn lending. Net debt reduced from $7.5bn to $5.9bn.

Meanwhile, Davy has raised its first-half earnings estimate for CRH by 8% to €1.92bn.