Vistry (LON: VTY) has announced plans to continue paying shareholders from next year.
Thanks to strong demand and sales, house builders are on track to achieve full-year profits at the top of the £130 million to £140 million range.
The group achieved a private sales rate of 0.67 per outlet per week, up from 0.58 a week ago.
Greg Fitzgerald, CEO of Visitorsley, said:
“We are well positioned in a record-breaking forward sales position in 2021 and are expected to have a steady market situation, with a completion step up offering a group profit of £310 million.
“Our priorities are to reduce group leverage while providing medium-term goals.
“Cash generation is strong and we expect net debt to be significantly lower in 2020 than previous expectations.
“Given this robust business performance and outlook, the board affirms its intention to resume dividends in 2021, including the interim dividend previously expected in November next year.”
Vistry stock (LON: VTY) is trading +4.77% at 796,22 (1136GMT).
In October, Halifax data showed home prices rose 7.5%. The average property currently costs £250,457. UK home prices have been rising at fasting rates since 2016 amid more demand for space and stamp duty holidays.
