LONDON (ShareCast) - (Sharecast News) - Vistry Group reported a sharp decline in adjusted profit before tax for the financial year ended 31 December on Wednesday, to around £250m from £419.1m in 2023.
The FTSE 250 housebuilder said in its trading update that the result aligned with the revised guidance it issued in December, reflecting delays in partner agreements, softer open market sales, and the decision to forego certain land transactions.

Revenue for the year increased 9% to £4.4bn, supported by a 7% rise in total completions to about 17,200 units.

The shift towards partner-funded housing saw completions in this category increase by 18% to 12,600 units, while open market completions fell 15% to 4,600.

Vestry's average selling price remained stable at £275,000.

Despite the challenging environment, the group said it signed over 220 new partner agreements in 2024, including significant deals in the fourth quarter.

New developments included partnerships for major regeneration projects in Birmingham and Coventry, which would deliver thousands of mixed-tenure homes.

Vistry said it secured 16,500 new land opportunities during the year, up from 15,288 in 2023, adding that it entered 2025 with more than 90% of land secured for planned completions.

The company's net debt at year-end stood at £180m, up from £88.8m in 2023 but £20m below December's guidance.

It said the increase in debt reflected higher-than-anticipated finished stock and work in progress due to slower sales and delayed completions.

Looking ahead, Vistry said it was committed to its partnerships strategy and anticipated progress in profit and cash generation in 2025.

The group said it planned to address elevated stock levels, rebuild underperforming regions in the former South Division under new leadership, and target low single-digit build cost inflation.

While the partnerships market remained robust, Vistry flagged uncertainties for 2025, including consumer confidence and the outcome of the government's spending review, which could influence affordable housing momentum.

Forward sales reportedly remained strong at £4.4bn.

Vistry said it would provide a detailed update on medium-term targets with its full-year results on 26 March.

At 0819 GMT, shares in Vistry Group were up 5.68% at 543.5p.

Reporting by Josh White for Sharecast.com.

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