The Vistry Group PLC (LON: VTY) share price rose 2.5% after releasing a trading update for the year ended 31 December 2023. The company revealed that its financial performance for the 2023 year had exceeded its expectations, and its adjusted profit before tax was set to be aligned with the previous year at £418.4 million.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
The house-building company revealed that its house completion rate showed a slight decrease of 5.4%, reaching 16,124 units compared to the previous year’s 17,038, a performance that notably surpasses that of competitors, showcasing the robustness of its Partnerships strategy.
WELCOME BONUS - Free Share Bundle When You Invest £50!
Open a UK Investment Account: Shares, ISAs, Managed Portfolio
Invest in 15,000+ shares and ETFs. Open an account now, invest at least £50, and you’ll get a free share bundle worth between £40 and £200. T&Cs apply.
IG
View Offers
Empfohlener Broker
Multi Asset Platform
The Group effectively controlled its expenses by collaborating closely with leading suppliers in the supply chain, achieving reductions in materials and labour costs in the second half of the year.
Despite the uncertain market conditions in FY23, the company actively acquired 13,067 new land plots (compared to 8,547 in FY22), reaffirming our dedication to growth goals and long-term plans.
The year-end net debt stood at approximately £90 million (compared to a net cash position of £118.2 million as of 31 December 2022). However, the figures aligned with its forecasts and showed a substantial decrease from the position on 30 June 2023 (net debt: £328.7 million).
The Group initiated a share buyback program worth £55 million in December, aiming to distribute £1 billion to shareholders over the next three years. The company’s adjusted pre-tax profit is projected to be £410 million, per the guidance issued on 23 October 2023.
In a separate press release, Vistry announced multiple board appointments and departures.
Greg Fitzgerald, Vistry’s Chief Executive, commented: “The Group had a strong run into the year-end, and I’m pleased to report that adjusted profit before tax for FY23 is anticipated to be ahead of guidance. Our FY23 performance has demonstrated the resilience of Vistry’s unique Partnerships model. Looking ahead, working with our highly valued partners, we are committed to increasing the delivery of much-needed homes across the country, and in the fourth quarter have continued to secure exciting new developments that reflect our high return, asset-light partnerships model.”
Vistry share price.
The Vistry share price rose 2.50% to trade at 995.1p from Thursday’s closing price of 970.8p.
Searching for the Perfect Broker?
Discover our top-recommended brokers for trading stocks, forex, cryptos, and beyond. Dive in and test their capabilities with complimentary demo accounts today!
- IG Top-tier regulation – Read our Review
- eToro Wide range of instruments available to trade – Read our Review
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.