Global nutrition group Glanbia said on Monday that it has completed its €50 million share buy-back.
Launched on November 9th 2020, 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.
Irish based Glanbia said it spent €50 million repurchasing 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. 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 per cent to €3.8 billion in 2020, with managing director Siobhán Talbot remarking that “Covid hit us a curve ball”.