Vistry Group PLC (LON:VTY) jumped on Tuesday after revealing two new contracts to develop affordable housing.
The first one was signed with Homes England to build 570 new homes across six developments, for a value of £105mln.
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Of these, 72% will be affordable homes, with Vistry agreeing flexible delivery terms so it can progress planning applications and preparation works during the coronavirus crisis.
The second contract was secured with Registered Providers to build 810 new affordable homes for £108mln.
“In what is a very challenging time for the housebuilding and construction industry, I am delighted that we have secured significant sites and contracts with long-standing partners,” said chief executive Greg Fitzgerald.
“Despite the current Covid-19 restrictions, the demand for affordable, quality homes remains high and we are very well placed to get these underway at pace.”
Shares advanced 13% to 678.84p on Tuesday morning.