Vistry Group (VTY)

[daveh]

Progress on partnership deal:

https://www.investegate.co.uk/announcem ... al/7864211

Vistry Group signs £819m partnerships deal with Leaf Living and Sage Homes for the delivery of more than 2,900 mixed tenure new homes

Vistry Group ("Vistry" or the "Group") is pleased to announce it has made significant progress with its strategy to merge its Housebuilding operations into its Partnerships business through the signing of a substantial partnership agreement with Leaf Living ("Leaf") and Sage Homes ("Sage"), both of which are backed by Blackstone-managed funds and Regis Group plc.

Leaf and Sage are to acquire 2,915 units from the Group totalling a gross development value of £819m. The homes are on plots located across 70 of Vistry's developments, with delivery to commence this year and the majority of homes completed within the next two years. The plots formed part of the Group's former Housebuilding landbank and are being pre-sold in-line with the Group's strategy of pre-selling c. 65% of all units across the business.

[daveh]

It seems us shareholders think the bosses are being paid too much:

https://www.investegate.co.uk/announcem ... t-/7878156

At the Company's annual general meeting ('AGM') held on 18 May 2023, 52.92% of votes were received in favour of Resolution 2, the advisory vote to approve the directors' remuneration report.



The remuneration report is set out on pages 98 to 118 of Company's 2022 Annual Report & Accounts Vistry Group PLC - Annual Report & Accounts 2022.



The Board and the Remuneration Committee consulted extensively with the Company's shareholders, both before and after the AGM, and the Board understands that the reasons for the number of votes cast against was primarily concerned with the base pay of the newly appointed CFO and the upwards discretion applied to the EPS metric for the vesting of the 2020 LTIP awards.

In response to shareholder concerns, the Board proposed a revised Directors' Remuneration Policy which was designed following the significant enlargement of the business to incentivise the creation of shareholder value over the long-term. This was approved at a General Meeting of the Company on 30 August 2023.

The Board is grateful to shareholders for their engagement and acknowledges that through the engagement process shareholders have expressed different perspectives. The Company remains committed to ongoing shareholder engagement and will continue to do so to ensure that the Company understands shareholders' views and is able to consider feedback, as well as to provide clarity on the Company's approach to remuneration going forward.

[daveh]

Start of £55m buy back program:

https://www.investegate.co.uk/announcem ... ck/7933150

Commencement of £55m share buyback

Vistry Group PLC (the "Group") today announces that it is commencing the share buyback programme (the "Programme") to repurchase up to £55m of ordinary shares of 50 pence each in the capital of the Company ("Ordinary Shares") as previously announced on 11 September 2023 with the Half Year results.

The Programme is expected to commence today, 11 December 2023, and is expected to be completed no later than the announcement of the Group's Full Year results on 14 March 2024.

As announced with the Half Year results, the Group intends to pursue a two times adjusted earnings ordinary distribution cover in respect of a full financial year, with such distributions made through either share buybacks or dividends, the method to be determined by the Board considering all relevant factors at the time.

[daveh]

Trading statement:
https://www.investegate.co.uk/announcem ... te/7986471

Vistry Group PLC ("Vistry" or the "Group") announces a scheduled trading update for the year ended 31 December 2023 (the "period"), ahead of the publication of its full year results on 14 March 2024.

Full year highlights

· Group financial performance for FY23 ahead of guidance1 with adjusted profit before tax expected to be in-line with prior year (FY22: £418.4m)

· Total completions were down only 5.4% to 16,124 units (pro forma FY22: 17,038), significantly outperforming our peers and reflecting the resilience of our Partnerships model

· Group proactively managed cost base with our key supply chain partners, resulting in material and labour cost reductions in H2

· We have remained active in the land market despite market uncertainty in FY23, securing 13,067 (FY22: 8,547) plots, demonstrating our commitment to our growth objectives and medium-term targets

· Year-end net debt of c. £90m (31 December 2022 net cash: £118.2m) in-line with guidance and significantly down from 30 June 2023 position (net debt: £328.7m)

· Group commenced £55m share buyback in December, with target to deliver £1bn of shareholder distributions over next 3 years

1Company guidance of Group adjusted profit before tax of £410m (23 October 2023 Trading Update)

Outlook

· The Group has a strong forward sales position up 12.4% on prior year at £4.5bn (31 December 2022: £4.0bn)

· Good levels of demand for affordable homes from Registered Providers ("RPs"), and Local Authorities ("LAs"), and a notable increase in demand from the Private Rented Sector ("PRS") in Q4 and into 2024

· Transition of Group's former Housebuilding landbank to the Partnerships model is making good progress with new partnerships and pre-sale agreements progressing well

· Easing of mortgage rates in recent weeks is encouraging and we are optimistic that this will help stimulate demand in FY24

· Housing crisis expected to be at the top of the political agenda in the lead up to a general election, with Vistry extremely well positioned to play its part in increasing the delivery of affordable homes across the country

· A fuller outlook for FY24 will be provided with our full year results announcement on 14 March 2024

Greg Fitzgerald, Chief Executive, commented:

"The Group had a strong run into the year end and I'm pleased to report that adjusted profit before tax for FY23 is anticipated to be ahead of guidance. Our FY23 performance has demonstrated the resilience of Vistry's unique Partnerships model.

Looking ahead, working with our highly valued partners we are committed to increasing the delivery of much needed homes across the country, and in the fourth quarter have continued to secure exciting new developments that reflect our high return, asset-light partnerships model.

Our forward sales of £4.5 billion is up 12.4% on prior year and positions us well to deliver a step-up in total completions in FY24 and make progress towards our medium-term targets and the return of £1bn of capital to shareholders."

[idpickering]

£276m scheme for 739 new homes in Barnet

Countryside Partnerships (part of the Vistry Group, the UK's leading mixed-tenure developer) has been selected by the Greater London Authority (GLA) and the Mayor's Office for Policing and Crime (MOPAC) as the preferred developer to deliver 739 new mixed-tenure homes in Colindale, Barnet, as part of a £276m GDV scheme.

The 427 affordable homes - consisting of affordable rent, social rent and shared ownership properties - will represent 60% of the new development. The development will also include 144 build to rent homes and 168 homes for private sale, subject to planning approval. A proportion of the affordable shared ownership homes will be offered to the City of Westminster as part of a wider planning portfolio agreement which commits to achieving 50% overall affordable housing across three sites owned by MOPAC. Affordable housing will be delivered for, and operated by, one of Vistry's registered provider partners in accordance with the Mayor of London's requirements.

https://www.investegate.co.uk/announcem ... et/8001075

Ian (No holding).

[daveh]

Agreement to build 5000 new homes in the build to rent market:
https://www.investegate.co.uk/announcem ... ma/8036682

Vistry Group and Sigma Capital Group Sign Framework Agreement to Deliver

5,000 Build-to-Rent Homes Over Next Five Years



Countryside Partnerships (part of Vistry Group, the UK's leading mixed-tenure developer), has entered into a new Framework Agreement with Sigma Capital Group to deliver 5,000 new homes for Sigma's BTR brand, Simple Life Homes. Sigma is the leading provider in the Build-to-Rent market focused on single family housing and one of Vistry Group's key partners in this sector.

The agreement builds on the well-established partnership between Vistry and Sigma, with Countryside Partnerships having been a framework partner on Sigma's Build-to-Rent delivery programme since 2014. It supports both organisations' ambitions for growth by clearly mapping out their expansion plans within a set framework and timeframe.

[daveh]

More comments on the remuneration report and long term incentive plan that were almost voted down at the recent EGM.

https://www.investegate.co.uk/announcem ... te/8047656

Update on Extraordinary General Meeting Remuneration Report vote

At the Company's extraordinary general meeting ('EGM') held on 30 August 2023, 54.80% of votes were received in favour of Resolution 1, to approve the revised remuneration policy and 55.28% of votes were received in favour of Resolution 2, to approve amendments to the LTIP implementing the revised policy.

They basically say we understand you the shareholder don't like the massive increase in the bonus pay, but we are going to ignore you anyway!

[daveh]

Finals:

https://www.investegate.co.uk/announcem ... 23/8086827

Partnerships business delivering; strong outperformance; well-placed for future growth

Vistry Group PLC (the Group) announces full year results for the year ended 31 December 2023.

(possibly excessive quotes removed by moderator)

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Thanks. (chas49)

[funduffer]

No dividend again - just more share buybacks.

Oh what to do with Vistry?

FD

[daveh]

Finals:

https://www.investegate.co.uk/announcem ... 23/8086827

Partnerships business delivering; strong outperformance; well-placed for future growth

Vistry Group PLC (the Group) announces full year results for the year ended 31 December 2023.

(possibly excessive quotes removed by moderator)

Moderator Message:
I have removed the very lengthy quotes from the linked report. Please note the site rules regarding copyright:

Copyright Rules
When you post content .... on The Lemon Fool website (Site), you agree and represent that you have created that content or are making a limited quotation from others under "fair use" terms. ....

.....In general, it is acceptable to quote a short extract from another source, under the "fair dealing" exception, provided due credit is given and a URL link to the originating site is provided (or citation if no URL is available). However, copying large sections of text from elsewhere is likely to infringe copyright.

Thanks. (chas49)

I give up. That was just the bullet point highlights and the important quote that they are not paying a dividend but providing shareholder returns via share buybacks and the possibility of specials - though unclear if that would be an actual cash payment or more buybacks

[daveh]

Partnership agreement for 1900 new homes:
https://www.investegate.co.uk/announcem ... es/8106199

[daveh]

Agrees deal with Homes England to build 1000 mixed tenure homes. 750 will be in Birmingham as part of the regenerations of the City Hospital. 250 will be in Hardingstone Nottinghamshire. The majority will be timber frame manufactured offsite at Vistry's own factory in Leicestershire


https://www.investegate.co.uk/announcem ... es/8129456

[daveh]

The buy back in lieu of dividend announced with the last full results has begun today 18th April:
https://www.investegate.co.uk/announcem ... ck/8143517

The repurchase up to £100m of ordinary shares of 50 pence each in the capital of the Company ("Ordinary Shares") is expected to commence today, 18 April 2024, and is expected to be completed no later than 30 September 2024.

The aggregate purchase price of all shares acquired will be no more than £100 million (not including stamp duty and expenses). Vistry plan to retain upto 250,000 of the purchased shares in Treasury and any remaining shares that are purchased will be cancelled.