Vistry’s 2020 profit ahead of expectations

March 4, 2021
<p>Vistry Group achieved an adjusted pre-tax profit ahead of expectations in 2020, with total completions for the year at 6,131. <span>However, the firm reported that its Housebuilding business was particularly affected by Covid-19 in the first half.</span></p> <p>During the year ending December 31 2020, the business achieved an adjusted pre-tax profit of £143.9 million, ahead of the originally expected "top end" of a <span>£130 million to £140 million </span><span>range </span><span>but down on 2019’s £188.2 million.</span></p> <p>After reopening its sites in late April, following the market shutdown at the end of March, Vistry said its sales quickly increased, with sustained strong demand ensuing in the second half and fuelling a 15% increase in its weekly private sales rate against H2 2019 to <span>0.62</span><span>. It also saw consumers continue to reserve homes during the second national lockdown in November and the start of December.</span></p><p></p> <p>Total legal completions rose 58.6%, driven by Bovis’ acquisition of Galliford Try’s housebuilding divisions to form the group at the start of 2020. </p> <p>On a proforma basis, completions in the Housebuilding business - consisting of the Bovis and Linden brands - fell from 6,884 in 2019 to 4,652 homes in response to the pandemic. Their average selling …

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