Building materials giant CRH has all but confirmed it will leave the Dublin stock exchange when it moves its main listing to New York.

Retaining a second listing in Dublin “would not be compatible” with the group’s US move, CRH’s finance chief Jim Mintern said.

The firm is likely to maintain a secondary listing in London, but will have to exit the FTSE100 index of the top-performing companies.

It will remain incorporated, tax resident and headquartered in Ireland.

CRH’s aim is to join a US equity index, with the S&P500 - a list of the 500 best performing companies - being the biggest prize.

“The achievement of US equity index inclusion is critical to this move,” Mr Mintern said in an emailed statement.

“We have received clear and consistent advice from our advisors that to be successful in achieving US equity index inclusion, CRH will need to de-list from Euronext Dublin.

“While we would have preferred to retain our Euronext listing, it is clear that this would not be compatible with our goal of achieving US equity index inclusion.”

The move was first reported in The Irish Times.

A decision is due on April 26, a day before the CRH’s annual general meeting.

Mr Mintern said CRH was “engaging with shareholders” on the US move, which was flagged last month on the back of booming US demand and President Joe Biden’s sweeping infrastructure subsidies.

After announcing record 2022 sales, profits, margins and cash reserves, chief executive Albert Manifold said a move made business sense given CRH’s American sales now make up 75pc of its earnings, up from 50pc a decade ago.

The Irish company switched its primary listing from Dublin to London more than a decade ago. Leaving the FTSE will be a blow for post-Brexit Britain, with CRH one of the largest companies in the index.

It is a huge blow for the Euronext Dublin exchange, and means CRH’s shares will no longer be traded within the EU. 

CRH’s earnings before interest, taxes, depreciation, and amortisation (Ebitda) were $5.6bn (€5.3bn) last year, up 13pc on 2021. Its Ebitda margin was up 10 basis points to 17.2pc, despite cost increases.

Group sales rose 12pc across the year to $32.7bn.

Profit after tax rose 10pc to $2.7bn, with CRH announcing higher dividends and a new $3bn share buyback.