Vistry shares jump as wins GBP350 million affordable housing grant

Vistry Group PLC on Tuesday said it has secured a significant direct grant award as part of the UK government's £39 billion social and affordable homes programme.

The Kent, England-based housebuilder said the initial funding of £350 million, the largest award possible in the first allocation of funding, is significantly in excess of the first award received under the previous programme.

It will enable the delivery of over 3,000 affordable homes, "well ahead of what was possible under the first phase of the last programme."

Chief Executive Adam Daniels said the award reflects "our established track record and commitment to delivering much needed affordable homes."

He noted Vistry has received direct grant funding awards under successive affordable homes programmes for nearly twenty years.

In response, shares in Vistry jumped 18% to 317.20 pence each in London on Tuesday morning, the best performing stock on the FTSE 250 which was up 0.2%.

The stock has had a volatile 12 months, falling 50% after a string of disappointing trading updates. Shares fell sharply earlier in August after reports credit insurer Allianz Trade plans to reduce the amount of cover that it provides to Vistry's suppliers.

In July, Vistry said it chief financial officer was stepping down and it forecast a first-half pretax loss of around £30 million.

CEO Daniels, who was promoted to chief executive in April, is leading an operational review of the group, the findings of which will be shared no later than interim results in September.

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