Kilkenny food giant completes €50m share buy-back
Kilkenny-based global food giant Glanbia today announced it has completed its €50 million share buy-back.
Launched last November, the goal of the buy-back programme, which applied to up to a maximum of 10 per cent of the issued share capital of the company, was to reduce the share capital of the company.
Glanbia today confirmed it spent €50 million repurchasing 4,790,502 ordinary shares on Euronext Dublin at an average price of € 10.4373.
In a statement, the Kilkenny company said this represents a discount of 2% to the volume weighted average price over the same period. Following cancellation of repurchased shares, Glanbia will have 291,295,182 ordinary shares in issue.
The nutrition group has been hit by the Covid-19 related downturn. Back in February, it reported a double-digit decline in profitability, with sales of its performance nutrition products hit by Covid-related restrictions.
Headline revenue declined by 1.4% to €3.8 billion in 2020. Managing director Siobhán Talbot remarked at the time that “Covid hit us a curve ball”.
PHOTO: Glanbia Managing Director Siobhan Talbot