(Alliance News) - CRH PLC on Thursday celebrated increased revenue and profit in "another record year", and said it completed its latest buyback phase.
Shares in CRH traded 7.3% higher at 6,650.00 pence in London on Thursday.
The Dublin-based supplier of building materials and products said pretax profit rose 16% to USD4.01 billion in 2023 from USD3.46 billion in 2022. Revenue increased 6.8% to USD34.95 billion from USD32.72 billion.
CRH declared a quarterly dividend of 35 US cents per share, up 5% annually. This brought the total dividend up 4.7% to USD1.33 per share from USD1.27 the year before.
"2023 marked another record year of financial delivery for CRH, supported by good underlying demand across our key end-use markets, further pricing progress and the continued benefits of our differentiated, customer-focused strategy," commented Chief Executive Officer Albert Manifold. "Despite continued inflationary cost pressures during 2023 we expanded our margins and delivered further growth in profits, cash generation and returns."
Adjusted earnings before interest, tax, depreciation and amortisation rose 15% to USD6.18 billion with a 17.7% margin. Basic earnings per share from continuing operations rose to USD4.36 from USD3.58, and net cash from operating activities surged 32% to USD5.02 billion.
CRH reported a cash balance of USD6.34 billion at December 31, up from USD5.94 billion one year prior.
Going forward, CRH expects "a favourable market backdrop and continued positive pricing momentum in 2024 driven by significant infrastructure investment and re-industrialisation activity across our key markets in North America and Europe".
Its 2024 guidance currently predicts adjusted Ebitda of USD6.55 to USD6.85 billion, and earnings per share between USD5.15 and USD5.45.
Manifold said: "The strength of our balance sheet together with our relentless focus on the efficient allocation of capital enables us to capitalise on the opportunities we see for further growth and value creation in 2024 and beyond."
Also on Thursday, CRH announced its completion of the latest phase of its share buyback programme. The company repurchased 4.2 million shares in New York between December 21 and Wednesday, February 28, for USD300 million in total.
CRH further announced that from Thursday to May 9, it will repurchase further shares for up to USD300 million.
"This brings total cash returned to shareholders under our ongoing share buyback program to USD7.3 billion since its commencement in May 2018," CRH added.
By Emma Curzon, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2024 Alliance News Ltd. All Rights Reserved.
CRH (CRH)