Vistry Group PLC (LSE:VTY) has unveiled plans to buy back £130 million worth of shares after profit climbed over the first half of the year.
Respective £55 million ordinary and £75 million special buybacks were announced in the housebuilder’s interim results on Thursday.
This followed a 7% increase in adjusted pre-tax profit to £186.2 million over the six months to June, on the back of an 11% jump in revenue to £1.97 billion.
Vistry said its partnership model, which focuses on bringing forward developments with housing associations, local authorities and investors, had “significantly outperformed” the traditional market.
“The group's growth strategy and greater delivery of affordable housing is well aligned to the new government's ambitions to address the country's housing crisis, and uniquely positions Vistry to play a key role in delivering [...] new housing targets,” Vistry said.
Some 7,792 homes were completed over the first half, marking an increase of 9%.
This left the company on track to build over 18,000 homes this year, Vistry said, with forward sales up 19% at £5.1 billion and leaving 91% of 2024’s total booked.
Medium-term targets for adjusted operating profit of £800 million and a 40% return on capital employed were held.
Shares climbed 1.8% on Thursday morning.