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Housing specialist Vistry is on course to complete more than 18,000 homes this year, overtaking the 14,000 scheduled to be delivered by Barratt and making it the UK’s biggest housebuilder.
Announcing half-year performance, Vistry said revenue rose by 11% to £2B through 30 June, while operating profit rose 10% to £227M. Pretax profits rose by 7% to £186M, up from £174M in the first half of 2023.
The FTSE 250 Index firm said that the number of completions had risen by 9% in the first half to 7,792 units, up from 7,143 last year.
“The group has delivered a strong half year performance with Vistry’s partnerships model significantly outperforming the traditional housebuilding market,” Vistry CEO Greg Fitzgerald said in a statement. “We have traded well over the summer months, and with positive momentum across the business are on track to deliver more than 18,000 completions in financial year 2024, and a year-on-year increase in profits.
“We remain confident on delivering our medium-term targets of a 40% return on capital employed and £800M of adjusted operating profit. In addition, since the strategy update 12 months ago, I’m pleased that the group has now announced or returned £285M of the targeted £1B capital return to shareholders over three years.”
The company added that it was encouraged by the direction of government housing policy and its pledge to new housebuilding. It described itself as having an “unrivalled capability and track record in partnerships housing delivery.”
Vistry has repositioned its business over the past 12 months, and in October last year it said that it would focus only on affordable homes through its partnerships business, which partners with local authorities and other social housing providers.
“The group’s strong forward sales position totalling £5.1B is up 19% on the prior year, with the group 91% forward sold for the full financial year in 2024,” the company added in its update.
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