Vistry looks for H2 affordable homes boost

Vistry has reported first half profits in line with expectations, with adjusted operating profit expected to be around £125 million (H1 24: £161.8 million), and adjusted profit before tax around £80 million (H1 24: £120.7 million). In this period the group delivered around 6,800 completions (H1 24: 7,792), with around 73% (H1 24: 76%) partner funded and around 27% (H1 24: 24%) open market.

In a trading statement issued today covering the first half of the year, Vistry said its sales rate averaged 1.02 (H1 24: 1.21) and that average selling prices remain firm. The group operated from an average of 350 (H1 24: 364) build outlets in the period which included 186 (H1 24: 210) active sales outlets. Group revenue in the first half is expected to be about £1.8 billion (H1 24: £2.0 billion).

The group said it remains on track to deliver a year-on-year increase in profits in FY25, “supported by a forward order book totalling £4.3 billion and a strong pipeline of development opportunities, with affordable homes funding expected to underpin a step-up in volumes with our affordable housing partners in H2 2025.”

Looking ahead, Vistry said it is in a good position …