Housebuilder Vistry has announced a share buyback package worth £35m.
The firm said it had a “strong start to the year” and expects its housebuilding and partnerships businesses to do better than expected this year. Net debt is also expected to come in lower than the £100m provisioned for at the beginning of the year.
“With balance sheet strength, the priority remains investing in the business to support the Group’s growth strategy,” a group spokesperson said. Last year, it also increased its dividend after the company performed well in 2021 as well.
Vistry expects the share buyback programme to “enhance earnings per share” at the company, while returning surplus capital to its shareholders.
In September, Vistry forecast that revenue at its partnerships business would top £1bn in 2022, following a strong recovery from 2020. In five years, it expects its revenue to reach £1.6bn.
Vistry Partnership’s operating margin jumped to 9.1 per cent in the six months to 30 June 2021, compared to a 4 per cent margin in the same period in 2020.
Vistry’s chief executive Greg Fitzgerald (pictured) said in October that he would be willing to stay at the firm beyond 2022, when his time at the helm was set to end.