Vistry set to achieve more than 18,000 completions

Vistry is “on track” to deliver more than 18,000 completions this year, which would potentially make the business Britain’s biggest housebuilder by volume.

Reporting on its half year results for the period ending June 30 2024, the mixed-tenure partnerships housebuilder said its total completions rose 9.1% against H1 2023 to 7,792 homes. Open market completions represented 24% of the total, down from 33% in FY 2023.

On an adjusted basis, Vistry’s revenue climbed 11.1% to £1,974.5 million, with pre-tax profit up 7% to £186.2 million.

Operating profit increased by 10% to £227.3 million. Vistry said its operating profit margin slipped to 11.5% from H1 2023’s 11.6%, reflecting a higher proportion of partner funded completions.

It also said its “strong growth” in half year completions demonstrated the “resilience” of its partnerships model which was a “significant outperformance” of the traditional housebuilding market. It builds the majority of its homes for its 141 partners.

Its forecast of more than 18,000 completions for FY 2024 compares with 2023’s 16,118. It also expects a year-on-year increase in profits.

Barratt, currently Britain’s largest housebuilder, said yesterday (September 4) that it completed 14,004 homes in its full year to June 30 2024, …