Vistry has reported its half-year performance matched expectations, with profit and completions both falling as a result of lower demand from affordable housing partners.
For the six months to 30 June 2025, the housebuilder saw its reported pre-tax profit drop significantly to £40.9million, 55% down on the previous year. Vistry’s adjusted revenue also decreased to £1,635.6million, falling by 5% year-on-year. Its operating profit figure also fell from £114million to £58million, a reduction of 49%.
Vistry also provided adjusted figures that account for joint venture income and exclude exceptional items as well as the amortisation of acquired intangible assets.
These figures saw revenue fall by 6% to £1.85billion, pre-tax profit drop a third to £80.6million, and operating profit slide 23% to £124million.
Vistry saw completions for the period decrease by 12% year-on-year, down from 7,792 to 6,889, while the Group’s sales rate averaged 1.02, falling from 1.21 year-on-year. The housebuilder’s average selling price of homes increased 4% to £283,000.
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Despite the falling numbers, Vistry’s trading update said that the figures were in line with expectations and that it expects to see a significant improvement in the second half of the year.
Greg Fitzgerald, chief executive of Vistry, commented: “The Group’s first half performance was in line with expectations and we are well positioned to deliver for the full year. Working with our partners, we have a strong pipeline of development opportunities which will drive our second half performance, with an expected significant step-up in completions and profits.”
“The Group also made good progress with its target of reducing debt levels, with net debt as at 30 June of £293million significantly better than expectations.”
“The new Social Affordable Homes Programme provides an unprecedented level of funding for affordable housing over the next 10 years. Through our Partnership model and commitment to mixed tenure development, Vistry is uniquely placed to maximise this opportunity and play a key role in delivering high-quality affordable homes across the country.”
During the period, Vistry said that it had reduced its debt position to £293.1million as of 30 June 2025 from £322.0million at 30 June 2024, which the housebuilder said was “significantly lower than expectations” despite a £91.9million higher year-on-year opening position.
