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Vistry Group resumes dividend on positive results
StockMarketWire.com
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Vistry Group has announced an adjusted pre-tax profit of £143.9 million, boosted by strong performance in the second half of 2020.
On a reported basis after exceptional items and amortisation the group made a profit before tax of £98.7m, while the company's focus on cash management resulted in a year end net cash position of £38m.
In its full year results for the 12 month period ending December 31, 2020, the company said it has carried out 'significant deleveraging' which results in a net cash position of £38 million down from the net debt of £357 million at the end of June 2020.
The group's revenue rose to £1,811.7 million in 2020, up from £1,130.8 million in 2019. Housebuilding delivered 4,652 completions at an average selling price of £303k, with the performance in the first half of the year significantly impacted by Covid-19.
On the back of the results, Vistry Group has announced it will resume dividends with a 20 pence per share final dividend proposed in respect of 2020.
Greg Fitzgerald, chief executive, said: 'The Group has achieved an enormous amount in 2020, and despite the challenges I am in no doubt we start 2021 as a stronger business. We had a strong second half performance with a sustained step up in demand, firm pricing, and a robust supply chain.
'Vistry Partnerships made excellent progress against its growth targets of £1bn revenue and a 10% plus operating margin by 2022, delivering a 70% increase in H2 2020 mixed tenure completions and adjusted operating margin progression in the year to 6.7%.'
He added: '2021 has 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. Assuming stable market conditions, the group is confident it will more than double profits in the year, with a profit before tax of at least £310m.'
At 9:42am: (LON:VTY) Vistry Group PLC share price was 0p at 788p
Story provided by StockMarketWire.com
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