Vistry have seen a “very positive start to the year with strong demand across all areas of the business”, where they are ‘well ahead’ of consensus forecasts for 2021, with profit expectations around £15m more than targeted. The business expects pre-tax profit for 2021 to be around £325m, up from the predicted £310m and are on track to reach targets for 2022.
The news comes after Rightmove released its latest housing market data which showed a 4% increase in house prices over the past two months.
Vistry hopes to sell 6,500 homes this year, nearly a 50% increase on 2020’s figures, where 4,632 homes were sold and an increase from the 6,200 that was originally predicted. Average weekly private sales for the year had hit 0.75, up by a fifth from 2019 and the firm hope to improve their cash position, with month end average net debt of less than £150m, compared to the £200m that was originally anticipated.
Not only this, but Vistry have seen shares rise by 3% on the London Stock Exchange, despite the FTSE 100 index falling back overall.
Greg Fitzgerald, chief executive (pictured right) said it had been “a very positive start to the year” which mean that “we anticipate results for the six months will be well ahead of our previous expectations.”
He said Vistry’s housebuilding arm was “firmly on track to deliver a significant step up in completions” while its Partnerships business was “making excellent progress towards its targets of increasing revenues from £728m last year to £1bn in FY22”.