Vistry sees 2021 profits soaring as govt extends relief measures
Vistry Group
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16:36 09/01/25
Housebuilder Vistry said it expected 2021 profits to more than double as the economy emerged from the Covid-19 pandemic boosted further by the extension of relief measures announced in the UK Budget on Wednesday.
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The company on Thursday reported better-than-expected annual profits and resumed dividend payments driven by a strong second half performance.
Adjusted pre-tax profits came in at £143.9m, ahead of Vistry’s expected range, and down 23.5% year on year. A final dividend of 20p a share was declared. The company said it was positioned to more than double adjusted profit before tax in 2021 to at least £310m “assuming stable market conditions”.
On Wednesday Finance Minister Rishi Sunak extended the stamp duty exemption until June to help bolster the market and aid the recovery from the Covid-19 pandemic and unveiled a new mortgage deposit scheme.
On a reported basis after exceptional items and amortisation the group made a pre-tax profit of £98.7m, down from £174.8m.
Vistry said it had made a firm start to the current year with private sales per active site per week of 0.66 in first eight weeks, up from 0.64 in 2020, adding that the last month were “particularly strong” with a private sales rate of 0.78.
Chief executive Greg Fitzgerald said 2021 had started well with strong demand across all areas.
“We have seen no impact from the national lockdown or changes to the Help to Buy scheme and the expected end to the stamp duty exemption. We have a strong forward sales position, with 64% of forecast units for 2021 already secured,” he said.