Greg Fitzgerald has announced that he will retire as chair of the Vistry Group and from his role as CEO within the next year.
Fitzgerald has 40 years in the housebuilding industry, founding Midas Homes and leading Galliford Try Homes as chief executive. He then joined Bovis Homes in 2017, which acquired Galliford Try in 2020 to form Vistry Homes.
Fitzgerald oversaw Vistry’s change of direction to focus on its affordable housing partnerships model. In 2024, he was also appointed executive chair of the Group, with some shareholders raising concerns over the decision.
The housebuilder confirmed that the roles will be split moving forward, and that it will begin its search for a new CEO immediately, with Fitzgerald set to stay on for the next 12 months or until a successor is found.
Vistry also announced its full-year results for the 12 months to 31 December. The housebuilder saw its adjusted pre-tax profit increase to £268.8million from £263.5million the previous year, in line with its previous guidance.
The Group saw its statutory pre-tax profit increase by 87% to £196.2million from £104.9million, which it says is largely due to lower exceptional as building safety charges fell from £114.7million to £8million as well as a £6million drop in restructuring costs.
However, its revenue fell by 4% on the previous year, down to £4.16billion, while completions also dropped by 9% to 15,658 units, down from 17,225 units the previous year, which the Group says reflects the continued challenges in the open market and uncertainty brought on by the Budget.
Looking ahead, the Group says that it has started the year well, with its overall year-to-date sales rate standing at 1.42 sales per site per week, up from 0.59 the previous year. This includes an open market sales rate over 40% higher than the same period last year, primarily due to the success of its targeted pricing initiatives.
Vistry also saw an increase in its forward order book, standing at £4.5billion at 3 March 2026, up by £500million since December.
The Group expects to deliver good year-on-year revenue and volume growth, and an improvement in adjusted profit before tax in 2026, albeit with a lower overall margin reflecting the incentives offered during the current sales initiative.
Greg Fitzgerald, chief executive of Vistry Group, commented: “Our full-year results were in line with guidance, assisted by the expected strong second half performance, and despite continued challenges in the Open Market and the uncertainty created by the November Budget. These results are testament to the incredible hard work of our teams and demonstrate the resilience of our differentiated market positioning and the commitment of our partners.”
“Vistry delivered one in seven of the country’s affordable homes last year, which demonstrates the crucial role the business plays, and will continue to play, in building the homes the UK so desperately needs.”
“The Group is lean and efficient, and after successfully stabilising, simplifying and reorganising the business in the first half of 2025, Vistry starts 2026 in a fundamentally improved place. Our partnership housing strategy positions us well to play a key role in the delivery of the Social and Affordable Homes Programme (SAHP) 2026-2036, and there is increasing clarity on the financial capacity of our partners.”
“While near-term market conditions remain challenging and current international events introduce new uncertainty, we have started the year positively. Sales volumes are already benefitting from the targeted use of pricing initiatives and incentives to build momentum into the spring selling season. This approach will drive good revenue growth and higher cash generation, accelerating the business’ return to a net cash position by the year end, while also delivering year-on-year profit progress.”
