Vistry hails “strong performance” with partnerships focus

Vistry Group has reported a pre-tax profit “in line” with its previous year, with revenue up and the housebuilder stating the robustness of its now purely partnerships business.

Reporting on its year ending December 31 2023, the company, which now consists of the Linden, Bovis and Countryside brands, said that its adjusted pre-tax profit was £419.1 million against 2022’s £418.4 million As previously reported, this is slightly up on original guidance.

Adjusted revenue grew 29.8% to £4,042.1 million. Vistry said it had demonstrated the resilience of its partnerships model, with its new homes total “down only” 5.4% on its proforma prior year to 16,118, an “outperformance” on its peers.

The group’s open market average selling price was £390,000, slightly up on 2022’s £381 million, with the total average selling price decreasing slightly to £276,000 from £289,000.

Vistry said it had “made significant progress” with its transition to a fully partnerships operation. Sixty seven percent of its total homes for 2023 were partner funded at 10,722 and 33% (5,396) were for the open market.

Last September, the business announced it would focus solely on its Partnerships business, merging its Housebuilding division with its Partnerships arm before …