Vistry FY revenue and profits grow in year of 'excellent progress'

Housebuilder Vistry said on Wednesday that completions, revenue and profits had all improved in 2021, with the group reporting "excellent progress" throughout the year amid strong demand across all areas of the business.

Vistry reported a 32% year-on-year jump in revenues to £2.69bn, while adjusted operating profits surged 115.4% to £368.4m and adjusted pre-tax profits shot up 140.4% to £346.0m. Adjusted basic earnings were share were 138.6% higher at 125.5p.

The improved performance comes as total completions increased 23.7% to 11,080 and adjusted gross margins improved 470 basis points to 22.3%. Vistry's year-end net cash balance also surged 515.7% to £234.5m.

The FTSE 250-listed firm also said it was well-positioned to deliver "a significant set up in profits and returns" in 2022 after making "an excellent start" to the new year, with its private sales rate up 20% and a "very strong" forward sales position.

Chief executive Greg Fitzgerald said: "Housebuilding and Partnerships both made excellent progress throughout the year, with strong demand across all areas of the business. This was consistent throughout the year and across the country, reflecting the huge efforts of all our people for which I am very grateful.

"Notwithstanding the shocking events in Europe and the attendant political uncertainties, 2022 has got off to an incredibly positive start and the group is in great shape to deliver on its strategy of maximising the strengths and opportunities from the valuable combination of our housebuilding and partnerships businesses, and on achieving sector-leading returns in the medium term."