Vistry, one of the biggest housebuilders in the UK, has bagged £1.64bn in forward sales so far this year, as it seeks to ride out the current economic storm as a construction powerhouse with Countryside Partnerships.
House completions rose five per cent to 5,409 in the six months to 30 June. Meanwhile, revenue inched three per cent higher to £1.16bn.
However, spiralling inflation has weighed heavily on the constructions industry, hitting raw materials, labour and fuel.
The FTSE-listed housebuilder’s operating profit plunged more than a third in the six-month period, from £139.1m last year to £89.3m in 2022.
In a statement today, chief executive Greg Fitzgerald said the group had been “significantly exceeding our expectations at the start of the year.”
Director of investment research group Edison, Andy Murphy, noted that Vistry “made a comment that it might be less active in the land market in future”, echoing what competitor Barratt Homes cautioned yesterday.
Murphy added that the deal with Countryside “would create a leading house builder and the largest partnerships business in the country.”
The deal is expected to be completed by early next year.