Vistry unseats Barratt as Britain’s biggest house builder
Posted: Monday, September 9th, 2024
The firm also forecasts building one in six of the UK’s new affordable homes this year, Construction Enquirer reported. Announcing a solid set of first-half results, upbeat chairman and chief executive Greg Fitzgerald said: “Vistry’s Partnerships model is significantly outperforming the traditional house building market. “The group’s growth strategy and delivery of affordable housing are well aligned with the new government’s ambitions to address the country’s housing crisis and uniquely position Vistry to play a vital role in delivering the government’s latest housing targets. “Since the strategy update 12 months ago, I’m pleased that the group has announced or returned £285m of the targeted £1bn capital return to shareholders over three years.” In the first six months, completions rose 9% to 7,792 homes, driving a corresponding lift in revenue of £1.7 billion and pre-tax profit ahead by 37%, at £157 million. Around £600m of revenue came from open market sales and £1.1bn from partner-funded sales. The business's adjusted operating margin remained stable at 11.5%. Fitzgerald said: “The group’s strong forward sales position totalling £5.1bn is up 19% on the prior year, with the group 91% forward sold for the full financial year in 2024.”
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