Vistry Group (VTY) Trading Update summary

Financial performance and operational highlights

• Adjusted profit before tax for 2024 expected at £250 million, in line with revised guidance after a £50 million reduction due to delayed deals and land transactions, and down from £419.1 million in FY23.

• Completions rose 7% to 17,200 units, with adjusted revenues up 9% to £4.4 billion; partner-funded completions up 18% to 12,600 and now 73% of total, while open market completions fell 15% to 4,600 units.

• Net debt at year-end was £20 million, significantly lower than guidance, but higher than prior year due to increased stock and work in progress.

• Average selling price remained stable at just under £390,000, with incentives up to 5% supporting sales; sales rate improved by 11% to 1.07 per site per week.

• Over 220 new partner agreements were concluded in 2024, with more than 70 deals in Q4 and over 70 partners.

Operational developments and partnerships

• Strong pipeline of 16,500 new land and development opportunities across 61 sites.

• Notable projects include regeneration in Birmingham, Longbridge, and joint ventures in Cornwall and East London.

• Over 90% of land for FY25 completions already secured.

Quality, customer satisfaction, and awards

• Achieved 5-star HBF Customer Satisfaction rating for fifth consecutive year; 94.6% HBF 8-week score.

• Employees received over 70 quality awards in 2024, including 42 NHBC Pride in the Job awards.

• Construction Quality Review score averaged 4.5, with low reportable items per inspection.