Abbey cleared for buyback

SHAREHOLDERS in housebuilder Abbey have given the go-ahead for the firm to buy back almost 15% of its own shares.

Abbey secured approval from shareholders at an extraordinary general meeting yesterday to buy-back five million shares (14.99% of the total) in a bid to lift its earnings per share (EPS) and reward shareholders.

The builder is forecasted to produce flat EPS this year despite a booming construction market. According to NCB Stockbrokers the move should boost the firm’s EPS this year by 19%.