Vistry launches £35m share buyback after ‘strong start’ to the year

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Housebuilder Vistry has announced a stock buyback bundle worthy £35m.

The steadfast said it had a “strong commencement to the year” and expects its housebuilding and partnerships businesses to bash amended than expected this year. Net indebtedness is besides expected to travel successful little than the £100m provisioned for astatine the opening of the year.

“With equilibrium expanse strength, the precedence remains investing successful the concern to enactment the Group's maturation strategy,” a radical spokesperson said. Last year, it besides accrued its dividend aft the institution performed good successful 2021 arsenic well.

Vistry expects the stock buyback programme to “enhance net per share” astatine the company, portion returning surplus superior to its shareholders.

In September, Vistry forecast that revenue astatine its partnerships concern would apical £1bn successful 2022, pursuing a beardown betterment from 2020. In 5 years, it expects its gross to scope £1.6bn.

Vistry Partnership’s operating borderline jumped to 9.1 per cent successful the six months to 30 June 2021, compared to a 4 per cent borderline successful the aforesaid play successful 2020.

Vistry’s main enforcement Greg Fitzgerald (pictured) said successful October that helium would beryllium willing to enactment astatine the steadfast beyond 2022, erstwhile his clip astatine the helm was acceptable to end.