Vistry has posted a rise in profit, revenue and completions in its half-year results.
The housebuilder completed 7,702 homes in the six months to the end of June, up 9% from the 7,143 built over the same period in 2023. Revenue rose by 11% to £1.97bn, up from £1.77bn.
Profit before tax period rose by 7% from £174m in H1 2023 to £186m.
Vistry’s basic earnings per share remained stable at 17.8%, 1.3% higher than last year.
The housebuilder said it was on track to deliver more than 18,000 homes this year – up 12% on last year.
It also said it would return £1bn of capital to shareholders within three years through a combination of ordinary and special distributions.
Chief executive Greg Fitzgerald said: “The group has delivered a strong half-year performance, with Vistry’s partnerships model significantly outperforming the traditional housebuilding market. The group’s growth strategy and greater delivery of affordable housing is well aligned to the new government’s ambitions to address the country’s housing crisis, and uniquely positions Vistry to play a key role in delivering the government’s new housing targets.
“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 FY24, and a year-on-year increase in profit.
“We remain confident on delivering our medium-term targets of a 40% ROCE and £800m of adjusted operating profit. In addition, since the strategy update 12 months ago, I am pleased that the group has now announced or returned £285m of the targeted £1bn capital return to shareholders over three years.”
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