Vistry Group PLC shares edged higher on Thursday, after it reported higher revenue and profit.
Shares in Vistry jumped 6.5% to 1,188.49 pence each in London on Thursday morning. Over the last 12 months, the stock is up 56%.
In 2023, the Kent-based housebuilder reported that revenue jumped 29% annually to £3.56 billion from £2.77 billion.
Pretax profit in the period edged up 23% to £304.8 million from £247.5 million.
Total completions rose by 35% to 16,118 from 11,951.
Vistry said it has completed a £55 million share buyback and will launch a £100 million buyback in April. It explained that share buybacks are in lieu of interim and final dividends.
It added that it will evaluate additional special distributions throughout 2024.
Looking ahead, Vistry said it is on track to deliver strong growth in completions in 2024, targeting in excess of 17,500 units.
Chief Executive Greg Fitzgerald said: ‘The business has started the year with a real passion and commitment to deliver on its strategy and medium-term financial targets, and we expect to make good progress during 2024.’
Copyright 2024 Alliance News Ltd. All Rights Reserved.
