The global construction materials group CRH has confirmed plans to delist its ordinary shares from the London Stock Exchange, leaving New York as the company’s sole public listing.
The decision follows a strategic review of the company’s London listing and preference share structure and marks the final step in a process that began when CRH moved its primary listing to the New York Stock Exchange in September 2023.
Once the delisting is completed, CRH’s ordinary shares will trade exclusively in the United States, further strengthening the company’s alignment with the North American market where the majority of its earnings are now generated.
Evidence-Based Summary
CRH’s planned departure from the London Stock Exchange is not driven by a single corporate event but by a combination of capital market dynamics and geographic revenue concentration. While the company historically maintained a dual listing structure, most of its profits and investor interest now originate in North America. In practical terms, the move reflects a broader shift in global construction capital toward US markets where infrastructure investment, liquidity and valuations are currently stronger.
Preference Shares Also Set to Be Cancelled
Alongside the delisting announcement, CRH confirmed that it intends to cancel two classes of preference shares currently listed in Europe.
These include:
- the 7% preference shares listed on the London Stock Exchange
- the 5% preference shares listed on Euronext Growth Dublin
The preference shares have a combined par value of approximately €1.2 million, and the company intends to cancel them in exchange for a cash payment equal to 40 times the annual dividend per share, subject to shareholder approval.
The company said the review considered multiple factors including trading activity on the LSE, administrative complexity and regulatory costs associated with maintaining the listings.
A Further Blow to London’s Capital Markets
Market analysts say the move is another signal of the declining role of London as a primary listing venue for global companies, particularly those with large North American operations.
Companies that move their primary listing to the United States often pledge to retain a presence in London, but CRH’s decision to withdraw entirely suggests that such commitments are becoming less common. Approximately three quarters of CRH’s profits are generated in North America, meaning the US market now represents both the company’s operational centre of gravity and its largest investor base.
Implications for the Construction Sector
CRH is one of the largest suppliers of cement, aggregates and building materials globally, supplying infrastructure, transport and building projects across multiple continents. The company’s departure from London’s market highlights a growing divergence between where construction materials companies generate revenue and where they raise capital.
The United States has experienced a surge in infrastructure spending in recent years, supported by federal investment programmes and large-scale private construction activity. At the same time, London’s equity market has faced a slow pipeline of new listings and several high-profile departures, reducing the overall size of the UK’s public market.
For investors and construction industry observers, CRH’s move reflects a wider trend: construction capital increasingly following the geography of infrastructure investment.
|
Expert Verification & Authorship: Mihai Chelmus
Founder, London Construction Magazine | Construction Testing & Investigation Specialist |
