Updates

Vistry - Net debt falls from £357m to just £40m

January 2021

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

My decision to revisit Vistry two issues ago at 573p looks prescient in the light of the Covid-19 vaccine rally. Vistry has confirmed it is “fully sold” for the year and now expects pretax profit to be at the upper end of the £130m-£140m guidance. In addition it’s well positioned to deliver its target £310m (eps: 113p) for FY’21 - assuming stable conditions. But the greatest catalyst for the surge has been stronger than expected cash flow, which has chopped net debt to just £40m against forecasts of £140m and hugely down from the £357m as at 30th June. This was driven by strong trading, quicker cash collections than expected and improved land buying terms. Vistry is striking more land deals dependent on achieving detailed planning ...

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Vistry - Net debt falls from £357m to just £40m

January 2021

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