Vistry Group has announced that its first-half performance is in line with its expectations, despite facing challenging macroeconomic conditions and higher interest rates. The house builder remains confident that its full-year adjusted pretax profit will continue to rise.
Given the strength of its forward order book, progress on integration, and targeted cost savings, Vistry Group expects an adjusted pretax profit for 2023 that exceeds £450 million ($582.3 million), compared to £418.4 million in the previous year.
Positive Sales Performance
During the first half of the year, Vistry Group’s average weekly private sales rate increased to 0.86, surpassing the rate of 0.84 from the same period last year. However, when excluding bulk sales in the Housebuilding division, the sales rate slipped slightly to 0.64. The Housebuilding unit saw a decrease in total completions, falling to 2,847 from 3,219 compared to the first half of 2022.
Strong Forward-Sales Position
Vistry Group’s Partnerships division boasts a forward-sales position of £3.0 billion, while the Housebuilding division’s order book totals £1.2 billion.
Confidence in Growth
“Partnerships is demonstrating its resilience and remains on track to deliver revenue growth for the full year. Housebuilding is adopting a controlled and disciplined approach, utilizing bulk sales to support overall sales rates and open market pricing,” stated Chief Executive Greg Fitzgerald.
Vistry Group is confident in its ability to navigate through economic challenges and looks forward to continued growth in the future.
