Vistry sees FY at upper end of forecasts; will resume dividends next year

Housebuilder Vistry has said it was on track to deliver full year profit at the top end of its £130m - £140m forecast range and planned to resume paying dividends next year.

The company also guided for full-year 2021 profits of £310m and expected to cut net debt by a further £100m.

Vistry said demand for new homes had improved in the second half to November 11 as the market experienced a mini-boom driven by pent-up demand and stamp duty holiday. Vistry said the last couple of weeks had remained robust despite the introduction of a new lockdown.

“Pricing has been firm, and we are fully sold for our forecast total completions for 2020,” Vistry said.

“Over the past six months we have developed our online sales capability including the option to reserve a home through a mobile device. This channel is proving increasingly popular and more than 500 customers have already reserved their new home through our 'six-click' reservation process.”