Greencore Group plc has announced the completion of its £10 million (€11.7 million) share buyback programme that commenced on 30 May 2023.
Between 30 May 2023 and 24 August 2023, 12,068,961 million ordinary shares in Greencore were repurchased on the London Stock Exchange for cancellation at a weighted average price of £0.8285 per share, the company noted.
This represented 2.436% of the issued share capital of the company (excluding any shares held in treasury, of which there are none) when the programme commenced.
Capital Management Programme
On 24 May, the company announced its intention to recommence a value return of up to £50 million (€58.3 million) over the following two years consistent with the group's capital management policy.
Accoring to the Irish convenience food firm, completion of this buyback means that Greencore has now returned £35 million (€40.8 million) to shareholders via share buyback since then.
The company reported revenue growth of 1.9% to £495.4 million (€573.39 million) in the third quarter despite a 'difficult consumer spending environment.'
The convenience food firm added that revenue in food-to-go categories increased by 0.6% to £335.3 million (€389.4 million) with pro-forma revenue growth at 8.1%.
Greencore Advances DAC
In July, the company announced that its wholly-owned subsidiary, Greencore Advances DAC, has entered into an agreement to sell the entire issued share capital of Trilby Trading Limited, its vegetable oil business.
Greencore highlighted that it is selling Trilby for a cash consideration of approximately €9.8 million, subject to customary adjustments.
The company said proceeds from the transaction will be used for general corporate purposes and to strengthen the group’s balance sheet.