Vistry performs ahead of expectations

Vistry Group has performed ahead of guidance, with its transition to a purely Partnerships model progressing “well”.

Giving a trading update for its year ending December 31 2023 ahead of its full results scheduled for March 14, Vistry said that it expected its adjusted pre-tax profit to be “in-line” with the prior year’s £418.4 million. This is up on guidance of £410 million within its last trading update of October 23.

Total completions fell 5.4% against 2022 to 16,124 units. Vistry pointed out that this was “significantly” better than its peers and reflected the “resilience” of its Partnerships model. In September, it announced that it would focus solely on its Partnerships business, merging its Housebuilding division with its Partnerships arm before the end of its financial year.

Vistry said the transition of its former Housebuilding division’s landbank to its Partnerships model was “making good progress” as were its new partnerships and pre-sale agreements. It is aiming for around 65% of group completions to be pre-sold. While its Partnerships division saw completions rise 3.3% to 9,422 units in 2023, completions in the former Housebuilding business fell to 6,702 units from 2022’s 7,920.

The firm also …