LONDON (ShareCast) - (Sharecast News) - Nutrition group Glanbia said on Thursday that year-to-date wholly-owned revenues and cash flows had improved despite the Covid-19 pandemic, leading it to launch a share buyback.
Glanbia said wholly-owned revenues were up 1.0% on a reported basis and 3.1% year-on-year on a like-for-like basis.

The London-listed firm stated that in the third quarter, trends in Glanbia Performance Nutrition had improved "significantly" - with an increase in revenues and margins versus the second quarter as markets gradually reopened and trading patterns improved.

As a result of the strong showing and cash flows in the business, Glanbia announced its intention to launch a share buyback programme of up to €50.0m. It expects to commence the share repurchase programme in November.

In terms of Covid-19 interruptions, Glanbia highlighted that all strategic projects across the group were now on track and added that a refinancing of its key finance facilities was recently agreed, further improving its financial position.

As of 1305 GMT, Glanbia shares were up 8.74% at €8.45 each.

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