Vistry's profit to exceed even managements expectations

Vistry’s profit to exceed even managements expectations

The first six months of 2021 for Vistry has been significantly ahead of expectations, with a clear progression path in its performance, not just financially but also in its further operational improvements.

The Group shows a strong sales position of £3bn, compared to last September 2020, £2.7bn, with a prediction of 96% of Housebuilding and Partnerships mixed units to be secured.

Despite house prices and material costs rising alongside supply chain issues, they have expressed that they are being well managed and are still well-positioned for an expected profit before tax to c. £345m for the full year.

Greg Fitzgerald, Chief Executive, commented:

“Following an effective operational integration, Vistry is in great shape and delivered a step-change in financial performance in the first half. The Group holds a unique market position with strength and capability across all housing tenures, and we are firmly focused on maximising the opportunities this brings. Housebuilding delivered a significant improvement in margin in H1, and we expect this to continue, whilst Vistry Partnerships is firmly on track to deliver more than £1bn of revenue in FY 22 and a margin in excess of 10%, driven by the accelerated growth of its higher margin mixed tenure revenues.”

Still managing to turn over a profit amid a merger between Galliford Try’s development arm, Linden Homes, and Bovis Homes, to form one of the UK’s largest housebuilders, Vistry Partnerships.