Joe Brennan: this year has seen a marked pick-up in such activity by Irish companies
Kerry Group said on Thursday that it plans to start a €300 million share buyback programme next month. It would mark the first time it has been in the market buying its own shares since 2007, just before the financial crash., whose shares have been under the cosh for the past six months, accompanied a weak trading statement this week with something for investors to nibble on to comfort themselves.
The warning comes as Kerry’s Dairy Ireland unit grapples with price deflation, and as its much more significant global taste and nutrition division continues to be dogged by food manufacturers scaling back orders for ingredients as they run down existing stock levels.Christine Lagarde: ‘I see my duty as being to the Europeans and not to the financial experts’Shares in the company fell 3.6 per cent on the day, bringing their decline over the of 12 months to 23 per cent.
This year has seen a marked pickup in share buybacks by Irish companies, echoing a trend across Europe. European public limited companies have long lagged US peers on the stock repurchasing front. The tally, according to Irish Times calculations, is more than double the total outlay on Irish buybacks in each of the past two years.
The dampened enthusiasm in the US has been partly down to a new 1 per cent tax on buybacks that took effect this year. This was brought in against the backdrop of political and academic criticism that such programmes artificially inflate share prices and earnings per share instead of the money being spent on long-term growth.
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