<p>Vistry’s first half performance has been “significantly ahead” of expectations, with a notable progression in its financial performance and further operational improvements, the group said today (September 7).</p> <p>During the six months to June 30 2021, the group’s adjusted pre-tax profit improved to £166.1 million from H1 2020’s £10.3 million. This was ahead of management’s expectations, Vistry said.</p> <p>On a reported basis, pre-tax profit recovered to £156.2 million after last year’s loss of £12.2 million.</p> <p>Group adjusted revenues were <span>4.3% ahead of H1 2019 proforma revenues (pre-merger) at £1,259.4 million.</span></p> <p><span>Total completions during the half year (combining the Housebuilding and Partnerships divisions) reached 5,351, up 5% on the pre-pandemic proforma H1 2019, and a 76% recovery on the equivalent period last year.</span></p> <p><span>Vistry said it had seen “positive demand” across all its business areas. Its average weekly private sales rate during the period was </span>0.76, a 10% increase on the proforma 2019 rate of 0.69. </p> <p><span>The Housebuilding arm – consisting of Bovis Homes and Linden Homes - achieved a “strong improvement” in gross margin in H1, which, Vistry said, was expected to continue. Adjusted housebuilding gross margin rose to 21.8% (H1 20: 14.1%). Vistry also said the division’s revenues …