Vistry Group (LSE: VTY) saw its shares rise by 4.9% to 1,383.00 on Thursday after the company announced a £130 million share buyback following strong profit growth.
For the six months ending June 30, Vistry reported a 37% increase in pretax profit to £156.7 million, up from £114.2 million the previous year. Revenue also rose by 9.4% to £1.72 billion, compared to £1.58 billion a year earlier.
Adjusted pretax profit climbed 7.0% to £186.2 million, while adjusted revenue grew 11% to £1.97 billion.
The housebuilder completed 7,792 units in the first half of the year, a 9.1% increase from 7,143 units in the same period last year. Vistry is on track to complete over 18,000 homes by the end of 2024, a 12% increase from the 16,118 homes completed in 2023, backed by its strong forward order book, which now stands at £5.15 billion, up 19% year-on-year.
Vistry also announced a combined £130 million distribution in the form of a share buyback, comprising an interim ordinary distribution of £55 million and a special distribution of £75 million. The buyback is set to begin this month, following the completion of a £100 million buyback that began in April and was finalised earlier this week.
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