The Group has stated a dividend expectation of two times earnings cover. In line with this policy, the Group is proposing to distribute 50% of the full year Adjusted Net Earnings of £324.7m as dividends. Total interim dividend payments of £50.1m were made in November 2022. The proposed final dividend payments total £112.2m and represent a final dividend per share of 32p (2021: 40p). Total dividend payments in respect of the financial year 2021 were £133.1m. Subject to AGM approval, the final dividend will be paid on 1 June 2023.
Other Financial Highlights:
- Completion of transformational acquisition of Countryside Partnerships ("Countryside") on 11 November 2022
- Integration making e progress with annualised synergies from the combination now expected to be c.£60m (ahead of the £50m previously announced), with c.£25m expected in FY23
- Continued delivery of high quality build and customer service, with a step up in construction quality awards and sustained HBF 5-star customer satisfaction rating across the entire Group
- Vistry Partnerships continues to deliver rapid growth in higher margin mixed tenure completions, up 17.6%, with adjusted operating margin increasing to 10.7% (2021: 9.2%)
- Vistry Housebuilding delivered controlled volume growth of 3.4% and excellent progress on adjusted gross margin, increasing to 23.4% (2021: 22.3%) despite challenging market conditions in Q4 2022
- Countryside performed in-line with their expectations with a minimal contribution to 2022 in the 7 weeks it was part of the Group
- The Group delivered a 20.9% increase in Group adjusted profit before tax to £418.4m (2021: £346.0m)
- Reported profit before tax for FY22 of £247.5m (2021: £319.5m) after expenses of £153.9m (2021: £12.2m), including £97.0m fire safety provision and £56.9m transaction and integration related costs
- High quality land bank totalling 81,342 (2021: 42,770) owned and controlled plots (inc. JVs) as at 31 December 2022 and 65,813 (2021: 40,000) strategic land plots
- Year end net cash of £118.2m (2021: £234.5m), ahead of expectations and follows a net cash outflow of £95.2m for the acquisition of Countryside, £35.2m share buy-back and £138.9m of dividend distribution
- Group ROCE increased to 28.3% (2021: 25.5%), with Partnerships ROCE of 77.6% (2021: >100%) and Housebuilding ROCE increasing to 28.2% (2021: 21.3%)
