(Sharecast News) – UK house builder Vistry said it would resume dividend payments as it guided for full-year profits at the upper end of forecasts.
The company on Tuesday said pre-tax profit for the year to December 30 was expected at the top end of the expectations at around £140m and added that it was still confident of lifting 2021 full-year pre-tax profit in 2021 to £310m, assuming stable market conditions.
Vistry said it intended to pay a ‘modest’ final dividend for 2020 on the back of a strong second-half performance, net cash position and record forward sales.
“We have seen strong demand for our homes during 2020 with the group’s private sales rate per outlet per week increasing by 15% in the second half to 0.62m,” the company said in a trading update.
“Encouragingly, customers continued to reserve homes during the second national lockdown in November, and throughout December, with our underlying sales rate up around 20% in the last six weeks of the year compared to the prior year equivalent period.”
Vistry added that 2020 completions were at the top end of expectations, reflecting a strong second half performance, while pricing remained firm through the year and underlying prices rising moderately.
