Updates

Vistry

August 2023

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.

Notwithstanding the recent surge in gilt yields and fixed rate mortgages, Vistry is holding up better than most in the sector after it said pretax profit will be in excess of £450m this year, £10m higher than its March forecast. A key reason is its Partnerships business (which came into the group following the Countryside acquisition), which partners with local authorities to develop housing on their land and is seeing continued strong demand with the order book standing at £3.1bn out of a total order book of £4,475m in the year to 18 May. The full run rate of £60m synergies from that deal are expected to come in FY 24. Encouragingly, even the private house building side is resilient with private sales rates at 0.83 per wee ...

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Vistry - Increased focus on social / affordable housing and pre-sales could double profit to £800m medium term (November 2023)

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Vistry - Countryside synergies upgraded by £10m (May 2023)

Vistry (March 2023)

Vistry - Transformative acquisition increases fast-growing social housing to over 50% sales (December 2022)

Vistry (April 2022)

Vistry (January 2022)

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Vistry - Gain since last Novembers write-up: 127% (July 2021)

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Vistry - Net debt falls from £357m to just £40m (January 2021)

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Vistry - Partnerships division transforms growth prospects (July 2020)

With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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