Vistry 'on track' to hit profit target
By Frank Prenesti
Date: Tuesday 09 Nov 2021
(Sharecast News) - Vistry Group said it was "firmly" on track to hit full-year profit targets as demand for new homes remained strong.
The company on Tuesday said it expected to report annual adjusted pre-tax profit of about £345m compared with £143.9m last year during the Covid pandemic.
"We currently expect our build cost inflation to run at 4-5% for the next 12 months with materials pressure reducing and labour inflation continuing. Overall, we have seen the benefit from sales price increases more than offset cost inflation," Vistry said in a statement.
"We continue to see strong demand across all business areas with our average weekly private sales rate increasing to 0.77 for the year to date, slightly ahead of the 0.76 reported in the first half. With this strong demand, pricing has continued to move forward across all areas, although more modestly in the period."
Vistry said its forward sales position had strengthened to £3bn and the company was fully sold for full-year 2021. Housebuilding forward sales totalled £1.6bn.
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