Ansell declares confidence in $140m share buy back
PROTECTIVE gloves and condom maker Ansell will buy back up to $US100 million ($A140 million) of its shares over the next year, saying it has the cash flow and room on its balance sheet to give back to shareholders.
Earlier this month Ansell shares plunged after the release of the company’s full-year accounts, with the stock posting its sharpest single-day fall in nearly three decades.
Investors hit the exits after the company flagged a weakerthan-expected outlook as adverse currency movements weighed on the group, prompting a 16 per cent one-day drop.
Ansell said the buyback would be contingent on the company’s share price and market conditions as well as future acquisition opportunities and other considerations.
Ansell has no debt maturing before the end of June, 2019.