Vistry’s completions and revenue up amidst challenges

Vistry’s completions rose 7% during 2024 but as previously reported, its adjusted pre-tax profit is set to be lower than originally expected, thanks to “a number of factors”. It has announced an operational restructure.

Issuing a trading update today (January 15), ahead of its full year results expected on March 26, the partnerships housebuilder said its completions for the year ending December 31 2024 totalled 17,200, against 2023’s 16,118.

Partner funded units rose 18% against 2023 to 12,600. Meanwhile, open market units fell 15% to around 4,600 homes. The level of completions in 2024 is still less than the more than 18,000 completions that had been anticipated.

Vistry expects its total adjusted revenue to increase 9% to £4.4 billion. But, in line with guidance issued on December 24, its adjusted profit before tax is likely to be around £250 million against 2023’s £419.1 million.

This follows three profit warnings issued for the full year. Profit was stated at around £300 million in guidance given in November – a downward revision on the £350 million given in October when Vistry revealed that build cost increases on schemes in its South Division had impacted its …