Vistry Group Reports Profit In H1 On Positive Customer Demand; Ups Annual View

House-building company Vistry Group PLC on Tuesday reported profit before tax of 156.2 million pounds or 54.8p per share during the first six months compared with loss of 12.2 million pounds or 5.3p per share in the same period a year ago.

The company attributed strong first half results to successful operational integration and positive customer demand.

Excluding items, earnings before tax were 166.1 million pounds or 59p per share.

Revenue for the period increased 82% to 1.103 billion pounds from 606.4 million pounds last year.

Adjusted revenue rose 91% to 1.259 billion pounds from 660.9 million pounds a year ago.

Looking forward to the full year, the Group has increased its outlook for adjusted earnings before tax to 345 million pounds. When the company reported full-year results in 2020, it had projected 2021 full-year profit to be at least 310 million pounds.

The Board declared an interim dividend of 20p to be paid on 19 November 2021 to shareholders of record on 8 October 2021.

Further, Greg Fitzgerald, Chief Executive commented on dividend, "Thanks to this performance and our ongoing confidence in the business and market outlook, the Board is delighted to announce a 20 pence per share dividend in respect of the first half and looking forwards intends to maintain a two times dividend cover, while committing to returning excess capital to shareholders."

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