Vistry Group, a leading housebuilder, has announced its robust financial results for the first half of the year, defying challenging market conditions. Despite an 8.4% decrease in adjusted pretax profit, the company remains confident in achieving a full-year adjusted pretax profit surpassing GBP450 million.
Financial Highlights
- Pretax profit increased slightly to GBP114.2 million, compared to GBP111.35 million in the previous year.
- Revenue witnessed a substantial growth of GBP1.19 billion to GBP1.575 billion, primarily driven by a significant 40% surge in legal unit completions.
Share Buyback Program
Vistry Group has unveiled its plans to launch a GBP55 million share buyback program, scheduled to commence in November and conclude before the release of full-year results in March. This strategic move aims to provide substantial value to shareholders, as the company aims for GBP1 billion in total shareholder distributions over the next three years. The share buyback initiative will be an alternative to dividend payments.
Vistry Group is determined to ensure its shareholders benefit from its success, and the revised shareholder payout strategy demonstrates the company's commitment to delivering long-term value.
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