Construction giant CRH recommences $300m share buyback

Building materials group is seeking to reduce its share capital

Société Générale has been appointed to conduct the buyback on CRH’s behalf, and will buy back up to $300 million in shares between now and June 24th. Photograph: Brenda Fitzsimons

Société Générale has been appointed to conduct the buyback on CRH’s behalf, and will buy back up to $300 million in shares between now and June 24th. Photograph: Brenda Fitzsimons

 

Irish construction giant CRH said on Monday that it had recommenced its $300 million (€251.7 million) share buyback programme.

The purpose of the programme, which was halted last year in the face of pandemic-related uncertainty, is to reduce the share capital of CRH.

Société Générale has been appointed to conduct the buyback on CRH’s behalf, and will buy back up to $300 million in shares between now and June 24th.

Last week CRH announced its full-year results for 2020 which showed overall sales dipped by 2 per cent to $27.6 billion (€23 billion ).

Earnings before interest, tax, depreciation and amortisation, however, rose 3 per cent to $4.6 billion as the company cut costs and moved to mitigate the financial impact of the pandemic.