Vistry backs FY profit expectations after in line first half

Housebuilder Vistry backed its full-year profit expectations on Thursday as it said trading in the first half was in line with its expectations.

For the period from 1 January to the end of June, the average weekly sales rate was 0.86, up from 0.84 in the same period a year earlier.

Vistry said the Partnerships business continues to demonstrate resilience and has good visibility on revenues, with 80% of forecast FY23 mixed tenure units secured and all of forecast FY23 partner delivery revenues secured.

Meanwhile, housing completions were down 22% on a proforma basis, reflecting "more challenging" market conditions.

Vistry said housebuilding has a "good" forward sales position, with 76% of forecast FY23 units secured.

The company said that given the strength of its forward order book, progress on integration and targeted cost savings, it continues to expect to deliver FY23 adjusted pre-tax profit in excess of £450m.

Chief executive Greg Fitzgerald said: "The group delivered a half year performance in line with our expectations despite the challenging macro-economic conditions and higher interest rate environment.

"Partnerships is demonstrating its resilience and remains on track to deliver revenue growth in the full year. Housebuilding is maintaining a controlled and disciplined approach, taking the opportunity to deliver bulk sales to support overall sales rates and open market pricing."