Housebuilder Vistry Group expects revenue in its partnerships business to reach £1bn by the end of the year after a “very positive” start.
Chief executive Greg Fitzgerald said: “It has been a very positive start to the year with strong demand across all areas of our business. As we approach the end of our first half, we anticipate results for the six months will be well ahead of our previous expectations.”
The group said it had seen strong demand across all areas of the business, with its private sales rate per site per week up from 0.62 in 2019 and 0.44 in 2020 to 0.75. Forward sales total £2.7bn, with £1.5bn from its core housebuilding business and £448m from its partnerships, mixed-tenure business.
Vistry said it had added 3,230 plots across 13 developments to its housebuilding landbank during the year so far, with a further 1,177 plots secured by its partnerships business.
Looking forward, the group said it expected its half-year performance to be “significantly ahead” of its previous expectations in both profit and cash. Vistry had anticipated pretax profit of £310m for the full year. It now expects this to be around £325m.
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