Vistry has posted rises in revenue and reported profit before tax for the year ending 31 December, as the housebuilder continues its shift towards a “capital light” partnerships model.
The housebuilder also outlined plans to launch a £100m share buyback in April.
Adjusted revenue for the year was up by 30% to just over £4bn, while reported revenue increased by 29% to nearly £3.6bn. Profit before tax rose by 23.2% to £304.8m on a reported basis, while edging down slightly by 0.2% to £419.1m on an adjusted basis.
On a proforma basis, adjusted revenue declined by 9%, while the number of completed homes delivered (including joint ventures) fell by 5% to 16,118.
On an adjusted basis, home completions were up by 34.9% year-on-year.
Average selling price fell by 4% to £276,000 on a proforma basis.
Vistry said that in the context of challenging market conditions, its results represented “significant outperformance” compared with its peers.
The housebuilder’s forward order book as at 31 December grew by 12% year-on-year to nearly £4.5bn.
Chief executive Greg Fitzgerald said it has been “another busy year” at Vistry, adding that the housebuilder expects to make “good progress” during 2024.
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