Biotch group CSL has announced a new on-market share buyback of up to A$950 million, its eight in nine years.
With this latest buyback CSL will have returned more than 23% of its shares to shareholders since 2005. The previous seven buybacks totalling some $4.2 billion have contributed a boost to earnings per share in excess of 19%.
“Buybacks remain an effective way to manage our capital,” Chairman John Shine told the company’s AGM. “They deliver improved investment return ratios – including earnings per share and return on equity – and benefit all our shareholders.”
He expects earnings per share growth this financial year to again exceed profit growth expectations as shareholders benefit from the ongoing effect of past and current share buybacks.
CSL’s shares were up 0.69% today to $73.