CRH PLC (LSE:CRH)’s shares rose 7% on Thursday as investors welcomed the building materials firm' plans to move its primary listing to the US.
Alongside a strong set of annual results, the Dublin-based building materials firm said: “We have now come to the conclusion that a US primary listing would bring increased commercial, operational and acquisition opportunities for CRH."
North America represents 75% of group EBITDA, the company said, and the US is expected to be a key driver of future growth.
“Our exposure to this market is likely to increase further driven by substantial increases in infrastructure funding, a renewed drive for the onshoring of manufacturing activity and significant levels of under-build in the residential construction market.”
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CRH said the move would deliver higher profit, returns and cash for shareholders.
Revenue increased to US$32.72bn in the year to 31 December 2022 from US$29.21bn a year before, as pre-tax profit leapt to US$3.47bn from US$3.10bn.
The total dividend was raised by 5.0% to US$1.27 per share from US$1.21, and the company announced it will increase its share buyback to up to US$3bn in the next 12 months.
Looking ahead, CRH forecast demand to be resilient and said it expects another year of progress.
Shares added 263p to 4,221p.