Vistry boosts profits expectations
By Abigail Townsend
Date: Wednesday 18 May 2022
(Sharecast News) - Vistry Group expects full-year profits to come in at the top of forecasts, the FTSE 250 housebuilder said on Wednesday, following a strong start to the year.
Updating on trading from 1 January to date, the group said that despite macro uncertainties, its strong start to the year had continued.
The average weekly private sales rate was 0.86 for the year to date, up 15% year-on-year, and there was ongoing positive momentum on pricing across all areas. Forward sales currently stand at £2.5bn.
As a result, full margins are now set to beat Vistry's previous targets in both housebuilding and in partnership, while annual adjusted pre-tax profits are likely to come in at the top end of forecasts for between £396.3m and £415m. Vistry posted adjusted pre-tax profits of £346.0m last year.
Greg Fitzgerald, chief executive, said: "Materials supply issues have eased and while we continue to see build cost inflation in line with previous assumptions, this is being more than offset by price increases.
"As a result, we are trading ahead of expectations.
"While we are mindful of the wider market uncertainties, we remain positive on the outlook."
Shares in Vistry - previously Bovis Homes - were ahead 3% at 831p as at 0830 BST.
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