Vistry Group PLC - Market Update
Vistry Group PLC
("Vistry" or "the Group")
Strong cash generation drives significant reduction in leverage
Board to consider reinstating FY20 dividend
As stated in our trading update of
The Group now confirms that it expects to have a net debt position, as at
The number of completions scheduled for December is at a normal level, with our usual strong focus on quality, and there are no individually significant transactions within the revised forecast. The Group continues to buy land in-line with its strategy of retaining a 3.5 to 4.0-year land bank for the Housebuilding business and delivering accelerated growth for Vistry Partnerships' mixed tenure business. All land for forecast FY21 completions across the Group is secured and we are in a strong position for FY22. The Group utilises land creditors where appropriate and will secure land conditional on detailed planning. Land creditors as at
Capital allocation and FY20 dividend
As stated in September, the Group's primary focus has been on deleveraging whilst positioning the business to deliver a step up in performance in FY21 and profit before tax(1) of
The Group will continue to invest in its land bank to deliver against its strategy for both Housebuilding and Partnerships.
In November, the Board confirmed its intention to resume dividend payments earlier than previously expected with an interim payment payable next November in respect of FY21 with a 2.5 times dividend cover and a progressive policy thereafter. Given the strong cash performance and accelerated deleverage, the Board will consider reinstating a modest final dividend in respect of FY20.
The Group has repaid furlough monies received earlier in the year. Apart from this, the Group has not benefitted from any Government schemes related to supporting businesses and employees during the COVID-19 pandemic.
The Group will issue a trading update for the 12 months ended
For further information please contact:
Vistry Group PLC
020 7250 1446
 Pre exceptional items and amortisation of acquired intangible assets
Quick facts: Vistry Group PLC
Market Cap: -
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