Brown-Formans share repurchase programme goes on

Brown-Forman's share repurchase programme goes on

Brown-Forman is looking to buy back yet more shares, with a further US$1bn set to be spent in its repurchase programme.

The company, which has run two consecutive $250m buy-backs in the last two years, said yesterday that its board has approved a $1bn increase in its share repurchase authorisation. The most recent $250m programme, announced in October, has just over $100m left, the company said. The authorisation was initially set to complete in mid-October this year, but has now been extended to 24 March next year.

CEO Paul Varga said: "This $1bn incremental share repurchase authorisation reflects the excellent health of our business, the quality of our balance sheet and cash flows, and the optimism we have for the continued growth of Brown-Forman."

Earlier this month, the company posted a 3% lift in both sales and profits for the nine months to the end of January.