CRH plans stock market listing move following record growth

The building materials giant reported a 13% jump in core earnings to $5.6bn (€5.3bn) compared with 2021.

Albert Manifold, CRH chief executive. Pic: Gary O' Neill

Irish building materials giant CRH announced plans to ditch its primary stock market listing in London for one in the US after it reported a 13% jump in core earnings to $5.6bn (€5.3bn).

In its financial results for 2022, the company also posted a 10% rise in profit after tax from continuing operations of $2.7bn.

“Despite significant cost pressures throughout the year, we delivered further improvements in profits, margins and returns,” said CRH chief executive Albert Manifold.

CRH said it will remain headquartered, incorporated and tax-resident in Ireland following the planned move to a US stock listing.

“Our strong cash generation together with our relentless focus on disciplined capital allocation has also delivered the strongest balance sheet in our history, providing us with significant opportunities for further growth and value creation going forward,” said Mr Manifold.

CRH also said it plans to increase its share buybacks to $3bn following these record results, leading shares to soar 10% on Thursday morning.

Company sales and operating profit in the UK and Ireland were ahead of 2021, driven by price increases to offset input cost inflation.

Ireland primarily benefited from improved construction activity and pricing progress, the company said.

CRH is expected to pay full year dividend of $1.27, a 5% increase on 2021.