Vistry Group (VTY) Trading Update summary

Trading performance and outlook

• Full year profit expectations for FY25 remain unchanged, with confidence in year-on-year growth driven by strong partner demand and a differentiated business model.

• Sales rate since July increased 11% year-on-year to 0.81, reflecting momentum and robust partner demand; year-to-date sales rate is 0.85.

• Forward order book stands stable at £4.3bn, with continued progress on active sites and new contract wins.

• Open Market sales rates have slightly improved, but demand recovery is approached cautiously amid economic uncertainty; all 2025 Open Market homes are reserved.

• Targeted incentives of up to 6% of open market price are being used to support sales.

Affordable housing and government support

• Positive impact from government affordable housing measures is evident, with a £50m grant from Homes England supporting 2025 affordable housing schemes.

• Demand from Registered Providers and Local Authorities has strengthened, with new Partner Funded deals expected in Q4.

• The group is well positioned for the Affordable Homes Programme and is progressing with joint venture site acquisitions with Homes England.

Land, build costs, and operational efficiency

• 3,503 plots secured since July across 11 sites, totaling 6,616 plots year-to-date; overall land bank is being actively managed down.

• Build cost inflation remains low and in line with expectations, aided by supply chain engagement and scale benefits.

• Material pricing has stabilized, and labour cost pressures are managed through improved work continuity.

• Efficiency initiatives include standardization, increased timber frame use, and operational improvements via Vistry Works.