UK homebuilder Vistry to buy back shares worth $171 mln, posts HY profit rise

British homebuilder Vistry would buy back shares worth 130 million pounds ($171 million), it said on Thursday, after posting a 7 per cent rise in half-year earnings, helped by resilient demand for its affordable homes.

The UK rate cut in August - the first by the Bank of England in more than four years - potentially signals relief for struggling builders and homebuyers, after the new Labour government's push for aggressive planning reforms had boosted sentiment in the sector.

The company, which makes the largest part of its sales from partnerships with local authorities, housing associations and government providers, said it has now announced or returned 285 million pounds of the targeted 1 billion capital return to shareholders over three years.

Vistry posted adjusted pre-tax profit of 186.2 million pounds for the six months ended June 30, compared with 174 million pounds a year ago.