10th Sep 2007 07:02
Bovis Homes Group PLC10 September 2007 BOVIS HOMES GROUP PLC INTERIM RESULTS for the six months ended 30 June 2007 Issued 10 September 2007 The Board of Bovis Homes Group PLC today announced its interim results for 2007. • Strong growth in pre-tax profit, up by 10.0%, to £58.4 million (2006*: £53.1 million) • Good earnings per share increase of 8.9% to 34.2 pence (2006*: 31.4 pence) • Attractive interim dividend increase as the Group rebalances its interim and final dividend payments: up by 75% to 17.5p net per ordinary share (2006: 10.0p) • High operating margin of 22.5% versus 22.7% in 2006* • Continuing positive cash management with cash in hand • Plots with planning consent at 11,674 plots (owned: 11,262 plots / controlled third party owned: 412 plots) • Strategic landholdings at 24,594 potential plots * 2006 comparatives stated before a one off pension credit of £3.5 million (2007: £nil) Commenting on the results, Malcolm Harris, Chief Executive of Bovis Homes GroupPLC said: "The Group's first six months' profits have been good, generating a strongoperating margin and supported by a solid balance sheet. Interest rate riseshave softened the market and as future movements remain uncertain, consumers arereacting cautiously. The Group continues to anticipate an increase in volumeahead of that delivered in 2006." Enquiries: Malcolm Harris, Chief Executive Neil Cooper, Group Finance Director Bovis Homes Group PLC Monday 10 September - Tel: 020 7321 5010Thereafter - Tel: 01474 876200 Results issued by: Andrew Best /Emily BruningShared Value LimitedTel: 020 7321 5022 / 5027 Chairman's interim statement Bovis Homes Group PLC is pleased to announce its interim results for the sixmonths ended 30 June 2007. With 10.0% pre-tax profit growth and earnings pershare growth of 8.9%, the Group has delivered a good set of results for thefirst half of the year despite a backdrop of rising interest rates during thisperiod. The Group's interim dividend per share has been increased by 75%, whichis reflective of the Group's decision to re-balance the annual dividend paymentsbetween interim and final whilst maintaining its existing commitments in termsof its full year dividend. Results For the six months ended 30 June 2007 the Group achieved a pre-tax profit of£58.4 million as compared to £53.1 million in the same period in 2006 (statedbefore a one off pension credit of £3.5 million). At 10% growth, this representsgood progress by the Group. As a result of this progress, basic earnings pershare improved by 8.9% to 34.2p as compared with 31.4p in the prior first half,stated before the one-off pension credit. At £259.9 million, total Group revenue grew by 3.8% (2006: £250.5 million).Within this, the volume of legal completions was maintained, with 1,256 homeslegally completed, as compared to 1,262 homes in the same half in the previousyear. Of these, 13% or 164 units arose from social housing; a slightly higherproportion than that seen in 2006, where 141 units or 11% arose from socialhousing. The Group's average sales price for the first half of 2007 was £189,600 comparedto £188,700 for the comparable six months of 2006, representing a 0.5% year overyear increase. This increase has arisen as a result of pricing gains on asquare-footage basis, with the average sales price per square foot growing by3.8%. Offsetting this, and as a result of an increase in the selling mix ofsmaller one and two bedroom homes, the average size of homes sold reduced to 995 square feet, from the previous year's first half average of 1,028 square feet, reflecting the Group's successful transition to selling good quality, mid-market homes. Land sales totalled £19.1 million as compared to £10.2 million in the first halfof 2006, demonstrating both the ongoing strength in the land market, and theweighting of planned land sales to the first half in 2007. The Group was able to hold its operating margin broadly in line in the firsthalf of 2007, as compared to the same period in 2006, with a margin of 22.5% ascompared to 22.7% (stated before the one off pension credit). This outcomebenefited from good control of overhead expenditure during the period. Dividends The interim dividend of the Company will amount to 17.5p net per share, anincrease of 75% over 2006's interim dividend of 10.0p. This dividend will bepaid on 23 November 2007 to holders of ordinary shares on the register at theclose of business on 28 September 2007. The Group continues to anticipate a 2007full year dividend of 35.0p net per share, but has made a decision to alter theproportion of the full year dividend traditionally paid at the interim, fromaround 33% to around 50% of the anticipated full dividend, reflecting thecurrent strong cash position of the Group. This will give shareholders both theadvantage of receiving dividends in a more balanced way and a timing benefit in2007. The Board reiterates its previously advised statement in respect of dividendswhich is that it intends, conditional on any necessary approvals required atfuture general meetings, to increase the full year dividend for 2007 to 35.0pnet per share followed by a 5.0p per share increase in 2008. This commitment,which is subject to a stable business environment, will double the full yeardividend to 40.0p net per share from its 2004 base of 20.0p. The Board intends to offer a scrip dividend alternative, pursuant to which theshareholders may elect to receive the whole or part of their dividend in newordinary shares credited as fully paid instead of cash, for the 2007 interimdividend. The Board also anticipates making a statement on its future intentions inrespect of dividends beyond 2008 at the time of its 2007 preliminary resultsannouncement in March 2008. Borrowings and financing Following a period of good cash generation, the Group enjoyed net cash in handat 30 June 2007 of £108 million: up slightly from the cash position at the endof 2006 which was £103 million. Net borrowing during this period was minimal, aswas the Group's net financing charge, at £0.1 million (2006: £3.8 million).Including land creditors, effective average gearing was negligible over thefirst half of 2007 at 2%. Of this net financing charge, around £2.4 million (2006: £1.1 million) relatesto non-cash imputed interest arising from land creditors, and reflects theincreased level of land creditors held on the balance sheet as at 30 June 2007versus 2006. The balance is largely income arising from cash on deposit, offsetby cash interest arising from the Group's borrowings. Land The Group has continued to pursue its twin-track strategy of acquisition andpromotion of strategic land, alongside the acquisition of consented land,although the Group's caution in acquiring consented land has continued into2007. The controlled and consented land bank now stands at 11,674 plots, ascompared with 12,395 plots at the end of 2006. The strategic land bank at 30 June 2007 stood at 24,594 potential plots ascompared to 24,719 potential plots held at the start of the year. The Groupremains well placed on a number of its major strategic projects with goodpotential to be converted into the consented land bank in the second half of2007. A number of additional attractive new opportunities are being progressedwhich the Group believes will assist in replenishing its strategic land bank. Pensions As at 30 June 2007, the Group's actuary estimated that the Group's definedbenefits pension scheme had swung from a deficit of £5.1 million to a smallsurplus of £2.8 million. The drivers of this change were twofold: firstly thelast in a series of agreed special contributions made by the Group to thescheme, in this case totalling £2.0 million; secondly, the favourable impactarising from the actuarial assumptions applied to the estimation of the scheme'sliabilities, in particular the movement in the assumption for the discount ratederived from bond yields, which has had regard to market movements since the endof the previous year. Looking ahead, there is a triennial valuation of thescheme as at 30 June 2007 in progress. Cumulative reservations The Group held cumulative reservations for 2007 legal completion for 2,282 homesas at 30 June 2007 as compared to 2,273 homes at the same point in 2006 whichrepresented a small increase in volume. Market conditions With interest rates increasing both in late 2006 and persistently during 2007,the market has begun to show signs of a slowing rate of growth in house prices.What is also apparent is that the positive national statistics on house priceinflation produced by a number of market commentators benefit markedly fromexceptional strength in London, and to a lesser degree Scotland and NorthernIreland. The Group does not trade in any of these markets. In the geographicmarkets in which the Group trades, progress for the Group has been steady, butnot exceptional, with cancellation rates broadly consistent with prior years.However, consumers appear to be taking longer in their decision-making, givenuncertainty over the direction of interest rates going forward. Prospects Looking forward, the Group is confident in its ability to procure and promotestrategic land at a discount to market, and to build and sell attractive, goodquality mid-market homes at a competitive price. Based on the trends seen in the market during the first half of 2007, the Groupanticipates making progress in terms of volume growth against 2006. Tim Melville-RossChairman10 September 2007 Bovis Homes Group PLC Group income statementFor the six months Six months Six months ended 30 June 2007 ended ended Year ended 30 June 2007 30 June 2006 31 Dec 2006 (unaudited) (unaudited) (audited) £000 £000 £000-------------------------------------------------------------------------------- Revenue 259,931 250,495 597,290Cost of sales (175,301) (167,402) (407,204)--------------------------------------------------------------------------------Gross profit 84,630 83,093 190,086Administrative expenses (26,116) (22,748) (48,803)--------------------------------------------------------------------------------Operating profitbefore financingcosts 58,514 60,345 141,283Financial income 3,258 74 654Financial expenses (3,363) (3,860) (6,453)--------------------------------------------------------------------------------Net financing costs (105) (3,786) (5,799)--------------------------------------------------------------------------------Profit before tax 58,409 56,559 135,484Income tax expense (17,361) (16,862) (40,446)--------------------------------------------------------------------------------Profit for the periodattributable toequity holders ofthe parent 41,048 39,697 95,038-------------------------------------------------------------------------------- Earnings per share--------------------------------------------------------------------------------Basic 34.2p 33.4p 79.8pDiluted 34.1p 33.3p 79.5p-------------------------------------------------------------------------------- Dividend per sharecharged in period --------------------------------------------------------------------------------2006 final paidMay 2007 20.0p - -2006 interim paidNovember 2006 - - 10.0p2005 final paidMay 2006 - 16.7p 16.7p-------------------------------------------------------------------------------- 20.0p 16.7p 26.7p-------------------------------------------------------------------------------- Bovis Homes Group PLC Group balance sheetAt 30 June 2007 30 June 2007 30 June 2006 31 Dec 2006 (unaudited) (unaudited) (audited) £000 £000 £000-------------------------------------------------------------------------------- AssetsProperty, plant and equipment 14,581 14,669 14,778Investments 22 23 22Deferred tax assets 3,187 6,952 6,089Trade and other receivables 2,734 3,301 2,850Retirement benefit asset 2,830 - ---------------------------------------------------------------------------------Total non-current assets 23,354 24,945 23,739-------------------------------------------------------------------------------- Inventories 745,898 775,121 758,078Trade and other receivables 42,378 36,826 22,446Cash 132,829 9,816 142,841--------------------------------------------------------------------------------Total current assets 921,105 821,763 923,365----------------------------------------------------------------------------------------------------------------------------------------------------------------Total assets 944,459 846,708 947,104-------------------------------------------------------------------------------- EquityIssued capital 60,376 60,027 60,288Share premium 156,290 151,118 155,494Hedge reserve 4 (292) (112)Retained earnings 483,121 416,195 462,162--------------------------------------------------------------------------------Total equity attributableto equity holders of the parent 699,791 627,048 677,832-------------------------------------------------------------------------------- LiabilitiesBank loans 24,995 20,265 25,100Trade and other payables 35,358 23,384 44,264Retirement benefit obligations - 7,740 5,140Provisions 2,004 1,157 2,114--------------------------------------------------------------------------------Total non-currentliabilities 62,357 52,546 76,618-------------------------------------------------------------------------------- Bank loans - 20,152 15,060Trade and other payables 165,480 132,612 159,368Tax liabilities 16,831 14,350 18,226--------------------------------------------------------------------------------Total current liabilities 182,311 167,114 192,654----------------------------------------------------------------------------------------------------------------------------------------------------------------Total liabilities 244,668 219,660 269,272----------------------------------------------------------------------------------------------------------------------------------------------------------------Total equity and liabilities 944,459 846,708 947,104--------------------------------------------------------------------------------These interim financial statements were approved by the Board of directors on 7September 2007. Bovis Homes Group PLC Group statement of cash flows For the six months Six months Six months ended 30 June 2007 ended ended Year ended 30 June 2007 30 June 2006 31 Dec 2006 (unaudited) (unaudited) (audited) £000 £000 £000-------------------------------------------------------------------------------- Cash flows fromoperating activitiesProfit for the period 41,048 39,697 95,038Depreciation 698 727 1,499Financial income (3,258) (74) (654)Financial expenses 3,363 3,860 6,453Profit on sale ofproperty, plantand equipment (1) (102) (120)Equity-settledshare-basedpayment expenses (319) (29) 455Income tax expense 17,361 16,862 40,446--------------------------------------------------------------------------------Operating profitbefore changes inworking capitaland provisions 58,892 60,941 143,117-------------------------------------------------------------------------------- (Increase)/decreasein trade andother receivables (19,962) 36,123 51,099Decrease ininventories 12,180 6,252 23,295(Decrease)/increase in trade andother payables (2,998) (28,538) 19,619Decrease inprovisions andemployee benefits (1,760) (9,000) (8,590)--------------------------------------------------------------------------------Cash generatedfrom operations 46,352 65,778 228,540-------------------------------------------------------------------------------- Interest paid (2,475) (3,313) (5,829)Income taxes paid (18,257) (15,840) (35,342)--------------------------------------------------------------------------------Net cash from operatingactivities 25,620 46,625 187,369-------------------------------------------------------------------------------- Cash flows frominvesting activitiesInterest received 2,960 74 512Acquisition ofproperty, plantand equipment (520) (764) (1,668)Proceeds from saleof plant andequipment 20 133 174--------------------------------------------------------------------------------Net cash frominvestingactivities 2,460 (557) (982)-------------------------------------------------------------------------------- Cash flows fromfinancing activitiesDividends paid (23,976) (19,826) (31,757)Proceeds from theissue of sharecapital 884 4,597 9,234Repayment ofborrowings (15,000) (15,000) (15,000)--------------------------------------------------------------------------------Net cash from financingactivities (38,092) (30,229) (37,523)-------------------------------------------------------------------------------- Net (decrease)/increasein cash and cashequivalents (10,012) 15,839 148,864Cash and cashequivalents at thestart of period 142,841 (6,023) (6,023)--------------------------------------------------------------------------------Cash and cashequivalents at theend of period 132,829 9,816 142,841-------------------------------------------------------------------------------- Bovis Homes Group PLC Group statement of recognised income and expense For the six months Six months Six months ended 30 June 2007 ended ended Year ended 30 June 2007 30 June 2006 31 Dec 2006 (unaudited) (unaudited) (audited) £000 £000 £000-------------------------------------------------------------------------------- Effective portion of changes in fair value of interest rate cash flow hedges 165 385 642Deferred tax on changes in fair value of interest rate cash flow hedges (49) (116) (193)Actuarial gains ondefined benefitspension scheme 5,770 5,990 8,640Deferred tax onactuarial movements on defined benefitspension scheme (1,886) (1,797) (2,592)Deferred tax on other employee benefits (471) - 218--------------------------------------------------------------------------------Net income recogniseddirectly in equity 3,529 4,462 6,715Profit for the period 41,048 39,697 95,038--------------------------------------------------------------------------------Total recognised income and expense for the period attributable toequity holders ofthe parent 44,577 44,159 101,753-------------------------------------------------------------------------------- Notes to the accounts 1 Basis of preparation Bovis Homes Group PLC ('the Company') is a company domiciled in the UnitedKingdom. The consolidated interim financial statements of the Company for thesix months ended 30 June 2007 comprise the Company and its subsidiaries(together referred to as 'the Group') and the Group's interest in associates. The interim financial statements were authorised for issue by the directors on 7September 2007. The financial statements are unaudited but have been reviewed byKPMG Audit Plc. The interim financial statements have been prepared in accordance with therecognition and measurement criteria of IFRS's and comply with the requirementsof the Listing Rules issued by the Financial Services Authority. The interim financial statements have been prepared on a basis consistent withthe accounting policies adopted for the year ended 31 December 2006. Thesepolicies are set out in the Group's Annual Report and Accounts 2006. As the Group's main operation is that of a housebuilder and it operates entirelywithin the United Kingdom, there are no separate segments, either business orgeographic, to disclose. The Group has adopted IFRS 7 on 1 January 2007, which clarifies disclosurerequirements for financial instruments. Adoption of IFRS 7 has had no impact onthe income statement or balance sheet of the Group. The interim financial statements do not constitute statutory accounts within themeaning of Section 240 of the Companies Act 1985. The figures for the half yearsended 30 June 2007 and 30 June 2006 are unaudited. The figures for the yearended 31 December 2006 have been derived from the Company's statutory accountsfor the year ended 31 December 2006 upon which the auditors issued anunqualified opinion and which have been delivered to the Registrar of Companies. 2 Earnings per share Basic earnings per ordinary share for the six months ended 30 June 2007 iscalculated on profit after tax of £41,048,000 (six months ended 30 June 2006:£39,697,000; year ended 31 December 2006: £95,038,000) over the weighted averageof 119,880,594 (six months ended 30 June 2006: 118,792,999; year ended 31December 2006: 119,103,010) ordinary shares in issue during the period. Analysis of effect of one-off pension credit on basic earnings per share Six months Six months ended ended Year ended 30 June 2007 30 June 2006 31 Dec 2006 (unaudited) (unaudited) (audited)-------------------------------------------------------------------------------- Basic earnings per share 34.2p 33.4p 79.8pEffect of one off IAS19 pension credit,net of related tax - (2.0p) (2.0p)--------------------------------------------------------------------------------Earnings per sharestated before pensioncredit, net ofrelated tax 34.2p 31.4p 77.8p-------------------------------------------------------------------------------- Diluted earnings per ordinary share is calculated on profit after tax of£41,048,000 (six months ended 30 June 2006: £39,697,000; year ended 31 December2006: £95,038,000) over the diluted weighted average of 120,229,838 (six monthsended 30 June 2006: 119,232,829; year ended 31 December 2006: 119,523,151)ordinary shares potentially in issue during the period. The average number ofshares is diluted in reference to the average number of potential ordinaryshares held under option during the period. This dilutive effect amounts to thenumber of ordinary shares which would be purchased using the aggregatedifference in value between the market value of shares and the share optionexercise price. The market value of shares has been calculated using the averageordinary share price during the period. Only share options which have met theircumulative performance criteria have been included in the dilution calculation. At the 2006 half year, the profit after tax used in the diluted earnings pershare calculation included a £9,000 adjustment to reverse the charge within theincome statement in respect of the fair value of share options in issue. Thisadjustment was subsequently deemed unnecessary at the full year 2006 and hasbeen excluded from the 2006 half year calculations included in this report. Theimpact of restatement is immaterial. Analysis of effect of one off pension credit on diluted earnings per share Six months Six months ended ended Year ended 30 June 2007 30 June 2006 31 Dec 2006 (unaudited) (unaudited) (audited)-------------------------------------------------------------------------------- Diluted earnings per share 34.1p 33.3p 79.5pEffect of one off IAS19 pension credit,net of related tax - (2.1p) (2.0p)--------------------------------------------------------------------------------Diluted earnings pershare stated beforepension credit, netof related tax 34.1p 31.2p 77.5p-------------------------------------------------------------------------------- 3 Dividends The following dividends per qualifying ordinary share were paid by the Group. Six months Six months ended ended Year ended 30 June 2007 30 June 2006 31 Dec 2006 (unaudited) (unaudited) (audited)-------------------------------------------------------------------------------- May 2007: 20.0p (May 2006:16.7p) 23,976 19,826 19,826November 2006: 10.0p - - 11,931-------------------------------------------------------------------------------- 23,976 19,826 31,757-------------------------------------------------------------------------------- An interim dividend in respect of 2007 of 17.5p per share, amounting to a totaldividend of £21,010,000 based on the shares in issue as at 7 September 2007, wasdeclared by the Board on 7 September 2007. This interim dividend will be paid on23 November 2007 to shareholders on the register at the close of business on 28September 2007. This dividend has not been recognised as a liability at thebalance sheet date. 4 Income taxes Current tax Current tax expense for the interim periods presented is the expected taxpayable on the taxable income for the period, calculated using a corporation taxrate of 30%, adjusted to take account of deferred taxation movements. Current tax for current and prior periods is classified as a current liabilityto the extent that it is unpaid. Amounts paid in excess of amounts owed areclassified as a current asset. Deferred tax The amount of deferred tax provided is based on the expected manner ofrealisation or settlement of the carrying amount of assets and liabilities usingtax rates enacted or substantially enacted at the balance sheet date. 5 Reconciliation of net cash flow to net cash/(debt) Six months Six months ended ended Year ended 30 June 2007 30 June 2006 31 Dec 2006 (unaudited) (unaudited) (audited) £000 £000 £000-------------------------------------------------------------------------------- Net (decrease)/increasein cash and cashequivalents (10,012) 15,839 148,864Repayment of borrowings 15,000 15,000 15,000Fair value adjustments to interest rate swaps 165 385 642Net cash/(debt) atstart of period 102,681 (61,825) (61,825)--------------------------------------------------------------------------------Net cash/(debt) atend of period 107,834 (30,601) 102,681-------------------------------------------------------------------------------- Analysis of net cash/(debt):Cash 132,829 9,816 142,841Bank overdraft - - -Bank loans (25,000) (40,000) (40,000)Fair value of interest rate swaps 5 (417) (160)--------------------------------------------------------------------------------Net cash/(debt) 107,834 (30,601) 102,681-------------------------------------------------------------------------------- 6 Group statement of changes in equity Total Issued Share Hedge Total retained capital premium reserve earnings-------------------------------------------------------------------------------- £000 £000 £000 £000 £000--------------------------------------------------------------------------------Balance as 1January 2006 392,160 59,699 146,849 (561) 598,147Total recognisedincome and expense 43,890 - - 269 44,159Issue of share capital - 328 4,269 - 4,597Share based payments (29) - - - (29)Dividends paid toshareholders (19,826) - - - (19,826)--------------------------------------------------------------------------------Balance at 30June 2006 416,195 60,027 151,118 (292) 627,048-------------------------------------------------------------------------------- --------------------------------------------------------------------------------Balance at 1January 2006 392,160 59,699 146,849 (561) 598,147Total recognisedincome and expense 101,304 - - 449 101,753Issue of share capital - 589 8,645 - 9,234Share based payments 455 - - - 455Dividends paid toshareholders (31,757) - - - (31,757)--------------------------------------------------------------------------------Balance at 31December 2006 462,162 60,288 155,494 (112) 677,832-------------------------------------------------------------------------------- --------------------------------------------------------------------------------Balance at 1January 2007 462,162 60,288 155,494 (112) 677,832Total recognisedincome and expense 44,461 - - 116 44,577Issue of share capital - 88 796 - 884Own shares sold - - - - -Share based payments 474 - - - 474Dividends paid toshareholders (23,976) - - - (23,976)--------------------------------------------------------------------------------Balance at 30June 2007 483,121 60,376 156,290 4 699,791-------------------------------------------------------------------------------- 7 Circulation to shareholders The interim report will be sent to shareholders. Further copies will beavailable on request from the Company Secretary, Bovis Homes Group PLC, TheManor House, North Ash Road, New Ash Green, Longfield, Kent DA3 8HQ. Further information on Bovis Homes Group PLC can be found on the Group'scorporate website www.bovishomes.co.uk/plc including the analyst presentationdocument which will be presented at the Group's results meeting on 10 September2007. Independent review report by KPMG Audit Plc to Bovis Homes Group PLC Introduction We have been instructed by the Company to review the financial information forthe six months ended 30 June 2007 which comprises the Group income statement,Group balance sheet, Group statement of cash flows, Group statement ofrecognised income and expense and notes to the accounts. We have read the otherinformation contained in the interim report and considered whether it containsany apparent misstatements or material inconsistencies with the financialinformation. This report is made solely to the Company in accordance with theterms of our engagement to assist the Company in meeting the requirements of theListing Rules of the Financial Services Authority. Our review has beenundertaken so that we might state to the Company those matters we are requiredto state to it in this report and for no other purpose. To the fullest extentpermitted by law, we do not accept or assume responsibility to anyone other thanthe Company for our review work, for this report, or for the conclusions we havereached. Directors' responsibilities The interim report, including the financial information contained therein, isthe responsibility of, and has been approved by, the directors. The directorsare responsible for preparing the interim report in accordance with the ListingRules of the Financial Services Authority which require that the accountingpolicies and presentation applied to the interim figures should be consistentwith those applied in preparing the preceding annual accounts except where anychanges, and the reasons for them, are disclosed. Review work performed We conducted our review in accordance with guidance contained in Bulletin 1999/4issued by the Auditing Practices Board for use in the UK. A review consistsprincipally of making enquiries of management and applying analytical proceduresto the financial information and underlying financial data and, based thereon,assessing whether the accounting policies and presentation have beenconsistently applied unless otherwise disclosed. A review excludes auditprocedures such as tests of controls and verification of assets, liabilities andtransactions. It is substantially less in scope than an audit performed inaccordance with International Statements on Auditing (UK and Ireland) andtherefore provides a lower level of assurance than an audit. Accordingly, we donot express an audit opinion on the financial information. Review conclusion On the basis of our review we are not aware of any material modifications thatshould be made to the financial information as presented for the six monthsended 30 June 2007. KPMG Audit PlcChartered AccountantsLondon 7 September 2007 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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