Vistry posts 7% jump in H1 profit, announces further £130m share buyback
By Michele Maatouk
Date: Thursday 05 Sep 2024
(Sharecast News) - Housebuilder Vistry announced a further £130m share buyback on Thursday as it posted a 7% increase in first-half pre-tax profit.
In the half year to 30 June, adjusted pre-tax profit rose to £186.2m from £174m in the same period a year earlier, with total completions up 9.1% to 7,792. Vistry hailed "good demand" across its Partner Funded markets.
Revenue was 11.1% higher at £1.97bn.
Vistry said it had traded well over the summer and was on track to deliver strong growth in total completions in FY24 to in excess of 18,000 units versus 16,118 last year, and for full-year profits to be ahead of last year.
It said this was underpinned by a strong forward sales position of £5.1bn, up 19% on the prior year, with the group 91% forward sold for FY24.
Chief executive Greg Fitzgerald said: "The group has delivered a strong half year performance with Vistry's Partnerships model significantly outperforming the traditional housebuilding market. The group's growth strategy and greater delivery of affordable housing is well aligned to the new Government's ambitions to address the country's housing crisis, and uniquely positions Vistry to play a key role in delivering the Government's new housing targets.
"We remain confident on delivering our medium-term targets of a 40% return on capital employed and £800m of adjusted operating profit.
"In addition, since the strategy update 12 months ago, I'm pleased that the group has now announced or returned £285m of the targeted £1bn capital return to shareholders over three years."
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