Vistry on course to hit 18k homes target

Vistry says it is “confident” of delivering more than 18,000 units this year with the group's Partnerships model showing “resilience” and outperforming the traditional housebuilding market.

In a trading update for the half year to June 30 2024 published today, Vistry says its adjusted operating profit is expected to be up around 10% on last year at around £227 million (H1 23: £206.7 million) with adjusted profit before tax up 7% at around £186 million (H1 23: £174.0 million). Total completions in the half are up 8% to around 7,750 units (H1 23: 7,143). Around 75% of total completions are partner funded. “Registered providers (RPs) and local authorities (LAs) have secured good levels of additional affordable and s106 affordable housing, and we have continued to see a pick-up in demand from the Private Rented Sector (PRS),” the firm says.

The firm noted the financial pressures on RPs with remediation works of existing stock which has particularly constrained RP capacity in London. Vistry says: “We are maintaining delivery by continuing to work closely with our partners and ensure Vistry remains their partner of choice for their new housing investment.”

The group boasts a “strong” forward sales position, up 21% …