Irish-based global nutrition group Glanbia said on Monday that it is to commence a share buy-back programme of up to €50 million in order to reduce the share capital of the company.
The programme is set to run from November 9th, 2020, until the company’s next agm, which is expected to be held in April 2021.
The share buy-back programme will apply up to a maximum of 10 per cent of the issued share capital of the company, and will be run by Davy.
Last month Glanbia, whose brands include Avonmore and Kilmeaden, reported an increase in overall revenue in the third quarter despite the challenging conditions.
It said like-for-like revenues for the period had risen 3.1 per cent, driven by price growth of 4.8 per cent, which offset a volume decline of 1.7 per cent.
The price growth reflected strong cheese markets in its Glanbia nutritionals division. However, Glanbia said that its performance nutrition business continues to struggle.
