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Vistry Group PLC on Wednesday left its annual outlook unchanged as it reported a decline in half-year profit and revenue. The Kent, England-based housebuilder reported pretax profit of £40.9 million for the six months that ended June 30, down 55% from £91.2 million a year earlier. Revenue fell 5.1% to £1.64 billion from £1.72 billion. Vistry noted lower levels of demand from its affordable housing partners, which it said reflected uncertainty ahead of the June spending review, coupled with transitional funding constraints as part of the move towards a new social & affordable housing programme. The company noted positive momentum in the first quarter, but tied a softening of market conditions in the second quarter to increased macroeconomic concerns and ongoing affordability challenges. Vistry said this was particularly with first time buyers, with expected interest rate cuts being pushed further out. The company said it delivered 6,889 completions during the first half of the year, down 12% from 7,792 a year earlier. Of these, Vistry said Partner Funded units represented 73% of total completions, compared to 76% a year earlier, with Open Market at 27%, up from 24%. Partner Funded unites fell 14% to 5,055 from 5,884. Open Market units fell 3.9% to 1,834 from 1,908, ‘reflecting a reduction in average sales outlets’ to 186 from 210. Vistry also reported ‘good progress’ in debt reduction, as net debt fell 9.0% to £293.1 million from £332.0 million. Shares in Vistry were 5.6% lower at 570.20 pence on Wednesday morning in London. Looking ahead, Vistry said its total order book totals £4.3 billion, down from £5.1 billion at September 4 last year, with the company 88% forward sold for the full-year. Vistry backed its annual guidance, with it continuing to expect a year-on-year increase in profit for 2025. ‘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,’ said Chief Executive Greg Fitzgerald. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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