Vistry H1 profits in line with expectations

(Sharecast News) - Housebuilder Vistry said on Thursday that H1 profits were in line with expectations at roughly £125.0m, underpinning the group's confidence in its FY outlook. Vistry said H1 group revenues were expected to be approximately £200.0m lower at £1.8bn as it delivered roughly 6,800 completions in H1, down from 7,792 a year earlier, with roughly 73% of which being partner funded, while the remaining 27% were open market. Sales rates averaged 1.022, down from 1.21 in H124, with average selling prices "remaining firm".

The FTSE 250-listed company noted that cash generation improved in H1, with Vistry's net debt sitting at roughly £295.0m at the end of June, down £27.0m on the prior year level, despite a £92.0m higher opening net debt position on 31 December 2024.

Vistry also said it remains on track to deliver a year-on-year increase in profits in FY25, supported by a forward order book of £4.3bn, 79% of which was forward sold, and a "strong" pipeline of development opportunities.

Chief executive Greg Fitzgerald said: "I am pleased to report that the group has delivered first half profits in line with expectations, which underpin the board's confidence in its full-year outlook.

"Working with our partners, we have good momentum and a strong deal pipeline, which support our second half delivery and medium-term targets."

Reporting by Iain Gilbert at Sharecast.com