Vistry ‘on track’ to deliver 18,000 homes following strong half year

Vistry Group has delivered a strong half year performance, with the housebuilder claiming it’s on course to deliver 18,000 homes.

Group revenue for the six months to 30 June 2024 rose 9.4 per cent to £1.7 billion, up from £1.5 billion in the same period in the previous year, generating a pretax profit of £156.7 million, 37.2 per cent ahead of HY2023 (£114.2 million).

Operating profit in the first half was £167.2 million, up 38 per cent from 121.2 million in 2023.

Total completions increased by 9 per cent in the first half to 7,792 (HY2023: 7,143) units with the housebuilder predicting it’s on track to deliver in excess of 18,000 in full year 2024 (FY23: 16,118) units.

This follows, Barratt Developments PLC releasing its financial results for the year ended 30 June 2024, wherein the UK’s largest housebuilder revealed total home completions down 18.6 per cent to 14,004 and predicted a delivery of “13,000 to 13,500” homes in FY2025.

If Vistry is able to deliver the 18,000-plus units in FY2024 it would mean it would far surpass Barratt, and dethrone it as the UK’s largest housebuilder.

Meanwhile, group net debt decreased slightly in HY2024 to £322 million, (HY2023: £328.6 million) but still £207 million higher than the year prior.

Greg Fitzgerald, Vistry Chief Executive said: “The Group has delivered a strong half year performance with Vistry’s Partnerships model significantly outperforming the traditional housebuilding market. 

“The Group’s growth strategy and greater delivery of affordable housing is well aligned to the new Government’s ambitions to address the country’s housing crisis, and uniquely positions Vistry to play a key role in delivering the Government’s new housing targets.

“We have traded well over the summer months, and with positive momentum across the business are on track to deliver more than 18,000 completions in FY24, and a year-on-year increase in profits.

“We remain confident on delivering our medium-term targets of a 40 per cent ROCE and £800 million of adjusted operating profit. 

In addition, since the strategy update 12 months ago, I’m pleased that the Group has now announced or returned £285m of the targeted £1bn capital return to shareholders over three years.”

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