Company issues full-year results and announces plans to move main listing from UK to the US
CRH delivered a strong performance in 2022 underpinned by their integrated solutions strategy along with resilient demand and commercial progress in North America and Europe.
The Dublin-based company saw revenue rise by 12% last year to US$32.7 billion (2021: $29.2 billion) whilst EBITDA was 13% ahead at US$5.6 billion (US$5.0 billion), as good commercial management and further operational efficiencies offset significant cost inflation.
Commenting on the results, chief executive Albert Manifold said: ‘Our 2022 performance reflects the outstanding commitment of our people, the underlying strength and resilience of our business and the continued delivery of our integrated, solutions-focused strategy.
‘Despite significant cost pressures throughout the year, we delivered further improvements in profits, margins and returns. 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.’
The company also announced plans to move its primary share listing from the UK to the US, as North America now accounts for about three-quarters of earnings and is likely to be ‘a key driver of future growth’.
CRH said moving their main share listing to the US would bring ‘increased commercial, operational and acquisition opportunities’ for the business, and that shareholders would be consulted over the plans.
The company added that any change in listing structure would have no impact on CRH plc, which would remain headquartered, incorporated and tax resident in Ireland.