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Vistry to pay 'modest' dividend with profit at top end of guidance range
StockMarketWire.com
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House builder Vistry said it would resume dividend payments amid expectations that it would post a full-year profit at the upper end of forecasts.
Pre-tax profit for the year through December was expected 'at the top end of the range' at around £140 million, the company said, though that would still be below last year's £188.2 million.
Vistry said it intended to pay a 'modest' final dividend for 2020, citing a strong second-half performance, net cash position and record forward sales.
The company's private sales rate per outlet per week increased in the second half by 15% to 0.62, up from 0.54 in the second half of 2019.
'The group has delivered completions in 2020 at the top end of expectations reflecting a strong second-half performance,' it added.
'Pricing remained firm through the year and overall, we saw a modest increase in underlying prices.'
Looking forward, Vistry said it was alert to wider market uncertainty, including the potential implications of the most recent lockdown.
It also was wary of an end to a stamp duty holiday and existing Help to Buy scheme at the end of the first quarter.
However, the company said it remained confident of upping its annual pre-tax profit in 2021 to £310 million, assuming stable market conditions.
Story provided by StockMarketWire.com
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