Vistry to reinstate 'modest' final dividend

UK house builder Vistry said it would consider reinstating a “modest” final dividend, citing strong cash performance.

The company on Wednesday reiterated that it expected full-year pre-tax profits at the top end of a £130m - £140m range.

“Given the strong cash performance and accelerated deleverage, the board will consider reinstating a modest final dividend in respect of 2020,” it said.

Vistry added that it expected to have end-year net debt of no more than £40m with a potential net cash position.

“This has been driven by continued strong trading and low cancellations, good cash management at an individual business level, and the ongoing benefits from the successful combination and integration of the enlarged business,” the company said.

Vistry in September said it was focusing on deleveraging while positioning the business to deliver a step up in performance in 2021 and profit before tax of £310m.

“Looking forward, the group expects to carry an average net debt position in full-year 2021 as we build for 2021 completions and will target a net cash position for 31 December 2021,” it added.