Medical gloves and condoms maker Ansell has launched a share buyback after announcing a 15 per cent fall in first half net profit.
Ansell made a net profit of $55 million in the six months to December 31, down from $64.9 million in the previous corresponding period.
Revenue rose 5.1 per cent to $627.9 million, from $597.7 million.
Ansell said it would buy back between two and three million of its shares in the next 12 months, saying it had a strong balance sheet and cash flows.
"Ansell remains committed to growth through acquisitions, but also believes that a modest buyback is appropriate," the company said in a statement on Wednesday.
Ansell also confirmed it was on track to meet previous forecasts of earnings per share growth of mid-single to low-double digits this financial year.
Chief executive Magnus Nicolin said the group expected a strong second half, with benefits to flow from recent acquisitions and new product releases.
Ansell lifted its unfranked interim dividend by one cent to 16 cents a share.The company's shares were down 93 cents, or 5.5 per cent, to $15.98.
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