Housebuilder Vistry Group has welcomed a better-than-expected first half of the year.
The company posted a 5.5% year-on-year rise in revenue to £1.3bn over the six months to 30 June. Profit before tax dropped by 29% to £111.3m, although the company said that when adjusted for joint venture contributions and cladding and safety costs of £71.4m, the bottom line had risen from a year earlier. Housebuilding completions rose to 3,219 from 3,126 a year earlier.
Chief executive Greg Fitzgerald said: “Whilst mindful of the impact of wider economic uncertainties, including rising energy costs, we continue to expect to see a significant step-up in profitability in both housebuilding and partnerships in FY22, with adjusted group profit before tax to be in line with our previously upgraded expectations.”
The company – which this week agreed the terms of a takeover of Countryside – said average private weekly sales during the second half are so far ahead of last year, adding that the company has “a good level of prospects and pricing remains firm”.
Mixed-tenure forward sales across its housebuilding and partnerships divisions were up 10% on a year ago at £2.3bn as of 3 September.
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