LONDON (ShareCast) - (Sharecast News) - Shares in CRH jumped to a record high on Thursday after the building materials giant reported double-digit profit growth for 2023 and announced a new $300m share buyback programme.
The company, which has bought back 4.2m shares on the NYSE worth $300m over the past two months, said it intends to kickstart another repurchase programme of up to the same amount with immediate effect.

"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," said chief executive Albert Manifold.

Total revenues rose 7% to $34.9bn in 2023, with organic growth coming in at 3%, while adjusted EBITDA rose 15% to $6.2bn.

Sales in the Americas Materials Solutions division rose 8% while Americas Building Solutions grew by 13%, which the company put down to prices increases across the board.

Over in Europe, Materials Solutions and Buildings Solutions revenues were up by just 4% and 2% respectively, as increases in pricing offset the impact of lower activity levels.

In addition to the buyback, the company increased its full-year dividend by 5% to $1.33.

Looking ahead, CRH pointed to a "favourable market backdrop and continued positive pricing momentum" in 2024, helped by significant infrastructure investment and re-industrialisation activity across key markets in North America and Europe.

The company is pointed to adjusted EBITDA in the range of $6.55bn to $6.85bn.

"Assuming normal seasonal weather patterns and no major dislocations in the macroeconomic environment, CRH remains well positioned for another year of growth in 2024 as we continue to execute our uniquely integrated and value-added solutions strategy, supported by the strength and flexibility of our balance sheet and disciplined approach to capital allocation," CRH said.

The stock was up more than 8% at 6,650p by 1139 GMT, touching a record high of 6,696p earlier in the session.

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