The Vistry Board confirms the resumption of dividend payments with a 20 pence per share final dividend proposed in respect of 2020. Going forward the group is targeting to maintain a strong balance sheet while operating with a progressive dividend policy which allows the Group to move towards a 1.75x dividend cover over time.
Other financial highlights include:
Strong second half performance with adjusted full year profit before tax of £143.9m ahead of our expected range
On a reported basis after exceptional items and amortisation the Group made a profit before tax of £98.7m (2019: £174.8m)
Significant deleverage resulting in a year-end net cash position of £38m down from net debt of £357m as at 30 June 2020, having started the year with net cash of £362m prior to the acquisition
Sustained step up in demand with H2 2020 weekly private sales rate per outlet up 15% to 0.62 (H2 2019: 0.54)
Further improvement in quality and customer satisfaction and expect to be awarded the maximum 5-star HBF customer satisfaction rating for 2020 and started 2021 well
Completed full review and stakeholder consultation on strategy for sustainability, defining a range of targets and commitment to set clear roadmap in 2021 for Group to achieve net zero carbon
Excellent progress at Vistry Partnerships with higher margin mixed tenure volumes up 70% in the second half on the prior year equivalent period, and an increase in adjusted operating margin in the year to 6.7%
Housebuilding delivered 4,652 (2019 proforma: 6,884) completions at an average selling price of £303k, with the H1 performance significantly impacted by Covid-19
Firm pricing with 0.5% to 1.0% price increase and resilient supply chain with low-cost inflation
Active in the land market maintaining controlled land bank size at 40,218 plots whilst reducing land creditors since acquisition by £79m to £323.2m
