CRH again signals plans to extend its share buyback programme

Iseq heavyweight CRH has again signalled plans to extend its share buyback programme after returning another €200 million to shareholders.

Completion of the latest phase of its programme means that €1.8 billion has now been returned to shareholders since May 2018.

CRH announced an extension of the buyback programme in early January amid speculation the building materials company was focused on reducing its exposure to volatile emerging markets.

Between January 7th and March 10th, the company repurchased 6 million ordinary shares at an average discount of 1.35 per cent to the volume weight average price.

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CRH, led by chief executive Albert Manifold, launched the group's first share buyback programme in a decade in May 2018 amid concerns that the market was not reflecting the company's intrinsic value.

“Further share buybacks are under active consideration,” the company said in an announcement to the market on Friday.

Shares in the company were trading up 1 per cent in early morning trading after the announcement was made.