Glanbia completes €50m share buy-back programme

Global nutrition group Glanbia said on Monday it has completed its €50 million share buy-back.

It was launched on November 9th, 2020, and the goal of the 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.

Irish-based Glanbia said it repurchased 4,790,502 ordinary shares on Euronext Dublin at an average price of €10.4373, which represents a discount of 2 per cent to the volume weighted average price over the same period.

Covid-19 downturn

Following cancellation of repurchased shares, Glanbia will have 291,295,182 ordinary shares in issue.

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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 restrictions. Headline revenue declined by 1.4 per cent to €3.8 billion in 2020, with managing director Siobhán Talbot remarking that “Covid hit us a curve ball.”