<p>Vistry is starting a share buyback programme to return surplus capital to shareholders, having reported a “strong start to the year” earlier this month.</p> <p>Under the programme, the company will repurchase up to £35 million of ordinary shares. It said this was “a prudent level of cash” to return to shareholders. And it reflected Vistry’s robust trading in line with its capital allocation policy – returning surplus capital following investment in the business to support its growth strategy and payment of the ordinary dividend.</p> <p>In a trading update on <a href="https://www.house-builder.co.uk/news/vistry-expects-2022-profit-top-end-forecasts">May 18,</a> Vistry said it expected <span>adjusted pre-tax profit </span>for its full year to be at the top end of the previously given range of £396.3 million to £415 million. It also anticipates margins in both its Housebuilding and Partnerships divisions in 2022 to be ahead of previous targets.</p> <p><span>It added that Housebuilding remained focused on controlled volume growth, “driving margins and return on capital employed”. Meanwhile, Partnerships was continuing to see “rapid growth” in its higher margin mixed tenure revenues.</span></p> <p><span>Vistry said that with its share buyback programme, it would retain its “strong” balance sheet.</span></p>