Vistry has reported a 33.7% decrease in pre-tax profit for the first half of the year.
For the period, the housebuilder reported adjusted pre-tax profits of £80million, down from £120.7million for the same period in 2024. Revenue had also declined, and is expected to reach £1.8billion, a reduction from £2billion in 2024.
Vistry recorded a 12.7% drop in home completions year-on-year, with 6,800 in H1 2025 compared to 7,792 in H1 2024.
However, Vistry had seen a better-than-expected improvement in its net debt, which stood at £295million at the end of the period, down from £322million the previous year. It noted that it had also successfully refinanced its £900million debt facilities to April 2028, with no changes to lenders or terms.
Vistry said that confidence was buoyed by the government’s announcement of the £39billion Social and Affordable Homes Programme, which it expects to result in a “significant step up” in affordable housing contracts in the latter half of the year.
The developer said that it was starting to see early market improvement following the government’s spending commitments, and had already secured a forward order book worth £4.3billion.
Greg Fitzgerald, chief executive of Vistry, commented: “I am pleased to report that the Group has delivered first half profits in line with expectations which underpin the Board’s confidence in its full-year outlook.”
“The government’s recently announced £39billion Affordable Homes Programme is hugely welcome, and this unprecedented funding, together with a 10-year rent settlement and the expected reintroduction of rent convergence measures, will drive the delivery of the high-quality affordable homes the country so badly needs. Vistry’s Partnerships strategy is firmly aligned with the government’s plans and we are looking forward to playing a key role in the delivery of this new Affordable Homes Programme and, in doing so, supporting the Board’s long-term value creation strategy.”
“Working with our partners, we have good momentum and a strong deal pipeline which support our second half delivery and medium-term targets.”
