Vistry reports strong half year financials with revenue of £1.1bn
Vistry Group PLC has reported financials “significantly ahead” of expectations for the first half of 2021, with revenue of £1.1bn.
The Group, which builds new homes, saw revenue surge by 82 per cent compared to the same period last year while adjusted revenue climbed by 4.3 per cent compared to 2019.
Profit before tax jumped to £156.2m, up from a loss of £12.2m the previous year while tenure revenues almost doubled, reaching £163.9m as demand for construction returned following the pandemic.
Greg Fitzgerald, Chief Executive of Vistry said: “Following an effective operational integration, Vistry is in great shape and delivered a step change in financial performance in the first half.
“The Group holds a unique market position with strength and capability across all housing tenures, and we are firmly focused on maximising the opportunities this brings,” he added.
Shareholders were treated to adjusted earnings of 59.0p per share, up from 4.9p in the first half of 2020, as the group built 1,456 new homes in the six months to June 30. Demand for private homes grew fastest with the group registering 2,294 completions of new private homes in the first half of the year.
Vistry is predicting strong revenues for the remainder of the year with 96 per cent of forecasted projects already secured. Share price has almost doubled in the past year, gaining 97.72 per cent to stand at GBX1,258 at yesterday’s close.
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