Vistry backs FY expectations after 'strong' first half

(Sharecast News) - Vistry backed its full-year expectations on Tuesday as it hailed a "strong" first half, with profit expected to have risen 7%. In an update for the period from 1 January to 30 June, the housebuilder said adjusted operating profit is expected to be up around 10% on the prior year at £227m, while adjusted pre-tax profit is set to be 7% higher at around £186m.

Total completions are seen 8% higher at approximately 7,750 units. Vistry said it was on track to deliver more than 18,000 completions in FY24, up from 16,118 in 2023, underpinned by a "strong" forward sales position, up 21% on the prior year and totalling £5.1bn.

The company's sales rate during the period averaged 1.21, up from 0.86 units in the first half of 2023. This reflects both stronger demand and the transition of the business to its 100% Partnerships model.

Chief executive Greg Fitzgerald 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."