Vistry on track for 10 percent profit increase


Vistry Group profit is expected to be up 10 per cent growth on completions in FY24.

Vistry Group CEO, Greg Fitzgerald. Credit. Vistry.

The housebuilder’s trading update from January to June this year shows it is on track to deliver £227 million over the previous year of £206.7 million.

Total project completions are also up 7 per cent to 7,750 units compared with 7,143, and the company expects to deliver more than 18,000 in FY24.

In May, it announced a further agreement with Leaf Living, the PRS housing provider, for the sale of a portfolio of 1,750 homes across 36 Vistry developments totalling a gross development value of £580 million. 

Meanwhile, the company’s forward sales are up 21 per cent to £5.1 billion on £4.2 billion in the period previous.

Its net debt position fell from £329 million in 30 June 2024 to £323 million as of 30 June 2024, despite an opening net debt position £207 million higher than prior year.

Last year, Vistry announced a major business restructure merging its Housebuilding and Partnerships operations, resulting in hundreds of staff being let go.

Greg Fitzgerald, Vestry chief executive said: “The Group has delivered a strong performance in the first half which underpins the Board’s confidence in its expectations for the full year.  

“Our Partnerships model is significantly outperforming the broader housebuilding market and we are confident we will deliver over 18,000 completions for the full year and make progress towards our medium term targets.

“We look forward to working with the new Government to address the country’s housing crisis and are extremely well placed to support its ambition of delivering the biggest boost to affordable housing in a generation.”

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