Vistry Group (VTY)

[daveh]

Final results are posted on the HYP-P board here:

viewtopic.php?f=15&t=21992


and can be found here:
https://www.investegate.co.uk/vistry-gr ... 00052658E/

If I read the results correctly they aren't paying a final dividend to all their share holders, just a second interim to Bovis shareholders and nothing for the new shareholders who received VTY shares as payment for the profitable house building arm of Galliford Try.

[spiderbill]

If I read the results correctly they aren't paying a final dividend to all their share holders, just a second interim to Bovis shareholders and nothing for the new shareholders who received VTY shares as payment for the profitable house building arm of Galliford Try.

That's what we were told when we received them, and why I didn't buy more straight away as the next divi is away towards the end of the year.
Was kicking myself as the price rose but now I'm very glad I didn't with the market tumbling. It's one I'll consider when (if) this ever bottoms out, though with Boris making silly "walkaway" noises the UK economy could suffer further even when the rest of the world starts to recover.

cheers
Spiderbill

[daveh]

If I read the results correctly they aren't paying a final dividend to all their share holders, just a second interim to Bovis shareholders and nothing for the new shareholders who received VTY shares as payment for the profitable house building arm of Galliford Try.

That's what we were told when we received them, and why I didn't buy more straight away as the next divi is away towards the end of the year.
Was kicking myself as the price rose but now I'm very glad I didn't with the market tumbling. It's one I'll consider when (if) this ever bottoms out, though with Boris making silly "walkaway" noises the UK economy could suffer further even when the rest of the world starts to recover.

cheers
Spiderbill

Were we told that at the time? I'll have to go back and re-read the information on the purchase. I had thought the shares were issued pari passu and that it was the interim we were not entitled to and that the Bovis special was paid as shares not cash to Bovis shareholder and not at to GFRD shareholders. It will have to wait until tomorrow as I'm off xc skiing in the Clashindarroch Forest this evening.

[spiderbill]

Not sure if I still have the document I received at the time, but I remember looking at the ex-div date it quoted and realising that the first dividend I'd receive on them wouldn't be till late in the year. (I was trying to work out how well or otherwise I'd done out of the takeover having lost a lot on buying Galiford originally.)

Hope the snow is deep enough.

cheers
Spiderbill

[daveh]

Not sure if I still have the document I received at the time, but I remember looking at the ex-div date it quoted and realising that the first dividend I'd receive on them wouldn't be till late in the year. (I was trying to work out how well or otherwise I'd done out of the takeover having lost a lot on buying Galiford originally.)

Hope the snow is deep enough.

cheers
Spiderbill

The snow was great, best we've had for cross country this season even risked trying out a brand new set of skin skis and they came back unscratched . Not mangaged to look at the docs yet - but it seems as if I needed to read them more carefully at the time.

[77ss]

[...
Were we told that at the time? I'll have to go back and re-read ....

Yes. The November Circular seemed pretty clear to me:

Following Completion, the Consideration Shares will be issued as fully paid and will rank pari passu in all respects with the Shares in issue at the time the Consideration Shares are issued pursuant to the Acquisition, save that holders of the Consideration
Shares will not be entitled to receive any dividend or distribution announced, declared, made or paid by the
Company prior to the issuance of the Consideration Shares, including for the avoidance of doubt, the Bonus
Issue and the Second Interim Dividend

[daveh]

[...
Were we told that at the time? I'll have to go back and re-read ....

Yes. The November Circular seemed pretty clear to me:

Following Completion, the Consideration Shares will be issued as fully paid and will rank pari passu in all respects with the Shares in issue at the time the Consideration Shares are issued pursuant to the Acquisition, save that holders of the Consideration
Shares will not be entitled to receive any dividend or distribution announced, declared, made or paid by the
Company prior to the issuance of the Consideration Shares, including for the avoidance of doubt, the Bonus
Issue and the Second Interim Dividend

Actually it doesn't seem clear to me - in fact I can see why, from the text you have bolded, I thought and expected to receive the final dividend from Bovis because as far as I knew the final dividend for Bovis had not yet been declared and was due to be declared in the final results of Vistry Group after the Consideration Shares had been issued.

[77ss]

[...
Were we told that at the time? I'll have to go back and re-read ....

Yes. The November Circular seemed pretty clear to me:

Following Completion, the Consideration Shares will be issued as fully paid and will rank pari passu in all respects with the Shares in issue at the time the Consideration Shares are issued pursuant to the Acquisition, save that holders of the Consideration
Shares will not be entitled to receive any dividend or distribution announced, declared, made or paid by the
Company prior to the issuance of the Consideration Shares, including for the avoidance of doubt, the Bonus
Issue and the Second Interim Dividend

Actually it doesn't seem clear to me - in fact I can see why, from the text you have bolded, I thought and expected to receive the final dividend from Bovis because as far as I knew the final dividend for Bovis had not yet been declared and was due to be declared in the final results of Vistry Group after the Consideration Shares had been issued.

Perhaps the following extract from the November Circular would have been more helpful:

Instead of paying the Bovis Homes 2019 final dividend, the Company expects to pay a cash dividend of up
to 41 pence per Share in May 2020 to Shareholders on the Company’s register of members as at 6.00 p.m.
on 27 December 2019 (the “Second Interim Dividend”)

These Circular documents are megatomes - but you don't generally need to read the whole flipping thing. The headline events - how many shares, how much cash etc. will be crystal clear, but you have to look carefully at dividends. Perhaps I am just suspicious, but I did a simple word search for 'dividend' and out popped the relevant information. Checking my GFRD spreasheet, I see the note to self So the next divi would be the BVS final in Nov 2020

[daveh]

Perhaps the following extract from the November Circular would have been more helpful:

Instead of paying the Bovis Homes 2019 final dividend, the Company expects to pay a cash dividend of up
to 41 pence per Share in May 2020 to Shareholders on the Company’s register of members as at 6.00 p.m.
on 27 December 2019 (the “Second Interim Dividend”)

These Circular documents are megatomes - but you don't generally need to read the whole flipping thing. The headline events - how many shares, how much cash etc. will be crystal clear, but you have to look carefully at dividends. Perhaps I am just suspicious, but I did a simple word search for 'dividend' and out popped the relevant information. Checking my GFRD spreasheet, I see the note to self So the next divi would be the BVS final in Nov 2020

Yes I missed that one and that is a clear statement. I hold GFRD both in my ISA and my CREST sponsored account so received the circular as a paper document as well as seeing the electronic version; mea culpa I didn't flick through the paper version carefully enough or search the electronic version. I normally use search to find the dividend announcements and dates in company reports as they often scatter the information in multiple places. so maybe the are not quite as big sellers of alcoholic beverages as I thought.

[daveh]

Half year results can be found here:
https://www.investegate.co.uk/vistry-gr ... 00072816Y/

First half key highlights

· Transformational acquisition of Linden Homes and Vistry Partnerships completed in January

· Successful business integration with £44m synergies now expected, £9m ahead of initial target

· 5-star HBF customer satisfaction rating awarded for 2019 and we have continued to trend at a score above 90% through 2020

· Net debt of £357.3m1 at 30 June 2020 (18 May Trading Update 2020: £476m), ahead of our expectations at the start of the pandemic, reflecting resilience of Vistry Partnerships' revenue model

· Site closures significantly impacted Housebuilding production in H1, output and performance

· Vistry Partnerships led an early return to site, underpinned by the certainty of pre-sold developments and contracting revenues

· Production capacity returned to near normal levels from 1 July



Current trading and outlook

· Strong start to the second half supported by positive market trends

· Sales rate 20% ahead of prior year since 1 July, at 0.73 (2019: 0.61) sales per active site per week including Vistry Partnerships

· Pricing remains firm

· Record forward sales position with Group forward sales totalling £2.7bn2 (30 June 2020: £2.6bn) including Housebuilding forward sales up 17% to £1,478m (30 June 2020: £1,264m)

·Minimal cost inflation with Group to realise cost savings in the second half and into 2021 from flow-through of procurement synergy benefits

· £20m of synergies expected in 2020 and the full run rate of £44m to be achieved by end 2021

· Full year profit before tax3 for 2020 expected to be in the range of £130m to £140m

· Assuming stable pricing and current sales rates and productivity levels, the Group has the ability to deliver at least £310m of profit before tax3 in 2021

· The balance sheet is strong, supported by significant and well-spread funding facilities

· Priority for capital allocation remains deleveraging, targeting gearing of 35%4 including land creditors for December 2021

· Aiming to resume dividends in respect of 2021 with a progressive dividend policy thereafter

My voting against the bonus issue clearly made no difference as:

Following shareholder approval on 14 July 2020 and admission to Main Market of the London Stock Exchange on 15 July 2020, 4,369,992 ordinary shares of £0.50 each were issued to shareholders as a bonus issue on the Company's register of members as at 6.00 p.m. on 27 December 2019.

[daveh]

New contract wins for one of the old profitable bits of GFRD that Vistry acquired..

https://www.investegate.co.uk/vistry-gr ... 00021258C/

Partnerships signs significant new contracts


Vistry Group PLC announces that Vistry Partnerships has secured contracts and exchanged on joint venture developments with housing providers with a gross development value of £165m to provide over 661 new homes.

and

In addition, Vistry Partnerships has secured contracts totalling 43m to build 158 new homes and associated mixed uses, working with regulated partners in Plymouth and Runcorn. The projects are an Extra Care scheme and a retirement village for Halton Housing and Inspired Villages respectively and a mixed use scheme including homes for sale for English Cities Fund.

Partnerships has also been appointed to the Connected Living framework in London, working with TfL and Grainger.

[daveh]

Trading Statement
https://www.investegate.co.uk/vistry-gr ... 00050526F/

Highlights

· On track to deliver FY20 profit before tax[1] at the top end of expected range of £130m to £140m

· Well positioned to deliver step-up in profit before tax[1] to £310m in FY21 assuming stable market conditions

· FY20 net debt to be significantly lower than expected reflecting strong operational performance

· Resumption of dividends in FY21 including interim dividend in November 2021

· COVID-secure measures working well; no impact to operations from recent lockdowns

· On track to retain maximum 5-star HBF customer satisfaction rating for 2020

and

Dividend

With the Group's strong performance including cash generation and the expected reduction in net debt, combined with the positive outlook supported by the Group's forward sales position, the Board is pleased to confirm its intention to resume dividend payments earlier than previously expected with an interim payment payable next November in respect of FY21. The Board expects to commence with a 2.5 times dividend cover and a progressive policy thereafter.

[funduffer]

It’s a long wait for the next dividend.

Just have to be patient I suppose...

[daveh]

An unexpected trading update:
https://www.investegate.co.uk/vistry-gr ... 00049877H/

with some interesting news on future dividends:

Capital allocation and FY20 dividend

As stated in September, the Group's primary focus has been on deleveraging whilst positioning the business to deliver a step up in performance in FY21 and profit before tax(1) of £310m. Looking forward, the Group expects to carry an average net debt position in FY21 as we build for FY21 completions and will target a net cash position for 31 December 2021.

In November, the Board confirmed its intention to resume dividend payments earlier than previously expected with an interim payment payable next November in respect of FY21 with a 2.5 times dividend cover and a progressive policy thereafter. Given the strong cash performance and accelerated deleverage, the Board will consider reinstating a modest final dividend in respect of FY20.

Not guaranteed, but we may get a dividend even earlier than November next year.

[daveh]

Trading update prior to full year results can be found here:
https://www.investegate.co.uk/vistry-gr ... 00073166L/

Highlights

· Strong second half performance with FY20 profit before tax1 expected to be at the top end of the range at c. £140m

· Excellent progress at Vistry Partnerships with higher margin mixed tenure volumes up 28% in the year and 70% in the second half

· Strong sales revenue and tight management of working capital, achieving debt reduction ahead of expectations, with a net cash2 position of c. £38m as at 31 December 2020, from a net debt2 position of £357.3m as at 30 June 2020

· Active in good land market maintaining total controlled land bank plots whilst reducing the land creditor balance

· Group expects to be awarded 5-star HBF customer satisfaction rating for 2020

· Strong forward sales position with 55% of total Housebuilding and Partnership mixed tenure forecast units for FY21 already secured

· Assuming stable market conditions, the Group is well positioned to deliver a step-up in profit before tax1 to £310m in FY21

· Resumption of dividends with Board's intention to pay a modest final dividend in respect of FY20

It looks like a decent set of results will be announced in February and the market seems to like it up 4.5% at 8.30am

[daveh]

Vistry Finals can be found here:
https://www.investegate.co.uk/vistry-gr ... 00081123R/
and on HYP-P here:
viewtopic.php?f=15&t=28215

Full year highlights

·Strong second half performance with adjusted full year profit before tax(1) of £143.9m ahead of our expected range

·On a reported basis after exceptional items and amortisation the Group made a profit before tax of £98.7m (2019: £174.8m)

· Significant deleverage resulting in a year-end net cash(2) position of £38m down from net debt of £357m as at 30 June 2020, having started the year with net cash of £362m prior to the acquisition

· Sustained step up in demand with H2 2020 weekly private sales rate per outlet up 15% to 0.62 (H2 2019: 0.54)

· Further improvement in quality and customer satisfaction and expect to be awarded the maximum 5-star HBF customer satisfaction rating for 2020 and started 2021 well

·Completed full review and stakeholder consultation on strategy for sustainability, defining a range of targets and commitment to set clear roadmap in 2021 for Group to achieve net zero carbon

· Excellent progress at Vistry Partnerships with higher margin mixed tenure volumes up 70% in the second half on the prior year equivalent period, and an increase in adjusted operating margin in the year to 6.7%

·Housebuilding delivered 4,652 (2019 proforma(3): 6,884) completions at an average selling price of £303k, with the H1 performance significantly impacted by Covid-19

· Firm pricing with 0.5% to 1.0% price increase and resilient supply chain with low-cost inflation

·Active in the land market maintaining controlled land bank size at 40,218 plots whilst reducing land creditors since acquisition by £79m to £323.2m

· Resumption of dividends with 20 pence per share final dividend proposed in respect of 2020



Current trading and outlook

· Strong start to the year with private sales per active site per week of 0.66 in first 8 weeks (2020: 0.64) and the underlying sales rate ahead of the positive start to 2020

· Last 4 weeks particularly strong with private sales rate of 0.78

· Pricing remains firm and good supply of material and labour

· Selling well for completions post 31 March 2021, with little impact from changes to HTB and previously expected end to stamp duty holiday

·Strong forward sales position with 64% of total Housebuilding and Partnerships mixed tenure forecast units for 2021 already secured, totalling £1,747m

· Partner delivery forward order book totalling £880m

· Forecast increase in land and WIP investment in 2021 of c. £100m supporting Partnerships' growth plans

· On track to deliver full synergy run rate of £44m by end of 2021, 26% ahead of initial target and at a lower than expected cost

· Assuming stable market conditions, the Group is positioned to more than double adjusted profit before tax(1) in 2021 to at least £310m with EPS in 2021 higher than 2019

· Group is targeting an improved net cash position for 31 December 2021 and an average month-end net debt for 2021 of less than £200m (2020: £350m)

· Resumption of dividends with progressive dividend policy and a move towards 1.75x dividend cover over time

20p final paid 21 May ex/record date 25/26 March

[daveh]

https://www.investegate.co.uk/vistry-gr ... 21405614K/

Strategic partnership to build more affordable housing.

Vistry Partnerships secures Homes England Strategic Partnership status
£83m grant to deliver 1,474 affordable homes across the country

Following the announcement by the Ministry for Housing, Communities and Local Government of the Affordable Homes Programme, Vistry Group is pleased to announce that Vistry Partnerships has been selected as a strategic partner by Homes England, the only listed developer to be included in the programme. Vistry Partnerships has been allocated a five-year grant programme totalling £83m to deliver 1,474 affordable homes across the country. This supports our ambitious medium term growth plans for Vistry Partnerships' higher margin mixed tenure revenues.

[daveh]

Interim results (half year):
https://www.investegate.co.uk/vistry-gr ... 02109053K/

Vistry Group PLC - Half year results

Vistry Group PLC (the "Group") is today issuing its results for the six-month period ended 30 June 2021.



First half highlights

· Strong H1 performance significantly ahead of our expectations supported by successful operational integration and positive customer demand

· HBF Customer Satisfaction Rating maintained at 5-star, with further improvement in the latest quarterly data

· Good progress across all areas of the Group's sustainability strategy including commitment to targets required to limit warming to 1.5°C

· Group adjusted revenues1 increased to £1,259.4m, 4.3% ahead of H1 19 proforma revenues

· Step-up in Housebuilding adjusted gross margin2 to 21.8% (H1 20: 14.1%)

· Rapid growth in Partnerships higher margin mixed tenure revenues to £163.9m (H1 20: £88.2m), with Partnerships adjusted operating margin3 increasing to 9.1% (H1 20: 4.0%), firmly on track for 10+% in FY 22

· Group adjusted profit before tax4 increased to £166.1m (H1 20: £10.3m)

· On a reported basis Group profit before tax increased to £156.2m (H1 20: £12.2m loss)

· Growth in owned landbank size with the addition of 5,642 new plots in the period, combined with investment in 4,660 strategic land plots

· Strong cash generation resulting in net cash position of £31.6m5 as at 30 June 2021 as compared to H1 20 net debt position of £357.3m

· Group return on capital employed6 increased to 19.4% (FY 20: 14.4%) with Partnerships achieving a return on capital employed well in excess of 40%

· Interim dividend of 20 pence per share (2020: nil)



Current trading and outlook

· Customer interest and sales trends remain positive into the second half

· Strong Group forward sales position of £3bn (September 2020: £2.7bn), with 96% of forecast FY 21 total Housebuilding units and Partnership mixed tenure units secured

· House price inflation more than offsetting cost increases with supply chain issues being well managed

· Group well positioned for the full year with our expectations for adjusted profit before tax increased to c. £345m4, 5% ahead of consensus market expectations7

· Group month-end average net debt for FY 21 expected to be less than £125m, and improved targeted net cash position of c. £225m at year end

· Board intends to accelerate the ordinary dividend to a two times cover ratio in respect of FY 21

· With balance sheet strength, the Board is committed to prioritising investment in the business to support the Group's growth strategy, pursue a sustainable two times dividend cover policy, and return any further excess capital generated in the future to shareholders via either a share buyback or special dividend

Dividend timetable



Ex-dividend date: 7 October 2021

Dividend record date: 8 October 2021

Dividend payment date:19 November 2021

Damn - almost bought yesterday (was between AV.B and Vistry in my HYPTUSS and I went for AV.B as that was #1 and VTY was #2)

[daveh]

Trading statement:
https://www.investegate.co.uk/vistry-gr ... 00027213R/

Vistry Group PLC (the "Group") is issuing a scheduled trading update ahead of its Capital Markets Day to be held later today for the period from 1 July to 8 November 2021 ("the Period").

Highlights

· Strong demand continues with the average weekly private sales rate for the year to date increasing to 0.77

· Fully sold for FY21 and strengthened forward sales position for FY22

· Continued investment in land with addition of 9,101 new plots in the year to date

· Firmly on track to deliver full year profit before tax[1] for FY21 of c. £345m and target of c. £225m net cash at year end

· Positive outlook for FY22 with the Group making good progress towards its medium term targets

[daveh]

New sustainability linked credit facility (they all seem to be doing it )

https://www.investegate.co.uk/vistry-gr ... 00019557V/

Sustainability Linked Financing

Vistry Group PLC (the "Group") is issuing notice of the completion of its new Sustainability Linked Revolving Credit Facility on 16 December 2021.

As part of this financing, we are pleased to re-affirm our commitment to our sustainability strategy, with the interest payable on the facility being determined, in part, by our ability to meet three Sustainable Performance Targets (SPTs), details of which are set out below.

Meeting these targets will result in lower interest payments for the Group and to ensure we can both encourage and support our colleagues to engage further in the homes and communities in which they work and live, these interest savings will be put into a matching fund for charitable activities undertaken by our staff.