Building materials group CRH has revealed plans to delist entirely from the London Stock Exchange two-and-a-half years after it switched its main listing to New York in yet another knock to the UK markets.
The Dublin-based group, previously parent company of Belfast builder Farrans, said that as part of a review of its London Stock Exchange (LSE) listings launched last month, it has “carefully considered, among other factors, the level of trading activity for its ordinary shares on the LSE as well as the additional cost, regulatory and administrative obligations arising from retaining the LSE listings”.
It said it was “satisfied that it is in the best interests of CRH and its shareholders” to delist from the LSE, and cancel its preference share listing on the London market, with the latter set to be voted on by investors at its annual general meeting in May.
CRH owned Farrans until last September, when it sold the log-established Belfast firm to John Sisk & Son in Dublin in a multi-million pound deal, taking on board its 625 employees.
Its departure marks a further blow for the London market after a raft of companies have ditched their primary listings in the UK.
They include Paddy Power owner Flutter, mining group BHP and construction rental firm Ashtead, while a growing number of British firms have also been bought out by foreign rivals or taken private.
CRH – the world’s largest construction materials firm – said it is set to delist from the LSE on Monday April 20, with Friday April 17 marking the last trading day on the London market.
CRH switched its main listing to the New York Stock Exchange in September 2023, saying at the time a US listing “would bring increased commercial, operational and acquisition opportunities” for the firm, while it added that around three-quarters of CRH’s earnings came from North America.