Vistry’s profit and completions fall in line with expectations

Vistry’s half year performance was in line with expectations, the group said today (September 10), with profit and completions down in a reflection of lower demand from affordable housing partners, but with full year guidance unchanged and a “significant step-up expected”. The housebuilder is seeking to “drive an improvement” in private sales in its second half.

During the six months to June 30 2025, Vistry’s adjusted revenue dropped 6% to £1,853.2 million. Adjusted pre-tax profit fell 33% to £80.6 million, while operating profit margin slipped 1.5 basis points to 6.7%.

Reported pre-tax profit, including exceptional items of £19.6 million, dropped 55% to £40.9 million.

Vistry’s completions fell 12% to 6,889 new homes against H1 2024. Partner funded units, representing 73% of the total, fell 14% to 5,055 as uncertainty ahead of June’s Spending Review and “transitional funding constraints” impacted Vistry’s affordable housing partners.

Open market units decreased 4% during Vistry’s first half to 1,834, with average sales outlets reducing to 186 compared to 2024’s 210. Vistry said the “positive momentum” of the first quarter in the sales market softened in the face of macro concerns, ongoing affordability challenges and delayed expected interest rate cuts.

The group’s sales …