Vistry’s first-half average weekly sales rate was broadly flat at 1.03.
Average discounts on private sales rose from 1.4% to 7.1%.
Full-year underlying pre-tax profit is expected to land at around £200mn.
Aarin Chiekrie, equity analyst, Hargreaves Lansdown:
“With net debt sitting at nearly £0.8bn for most of the first half, cash generation has become a key focus. Steeper discounts on slower-moving stock, fewer privately sold homes still under construction, and a smaller landbank are just some of the actions being taken to bring more cash in the door. So far, it’s having the desired effect, with net debt falling to £0.5bn by the end of the first half and expected to reach a net cash position by year-end. However, these actions are also weighing on profitability, and Vistry now expects to record a pre-tax loss of around £30mn over the first half, which saw the shares fall 11% in early trading.
Looking ahead, Vistry expects profitability to improve strongly in the second half. Progress is expected to be driven by the usual second-half seasonality, as well as self-help measures such as reduced overheads, contract renegotiations, and further land sales. And despite all the challenges, the order book remains in a strong position at £3.9bn, with 80% of this year’s sales already locked in. All in, Adam Daniels doesn’t appear to be wasting any time in getting his house in order, and Vistry now expects to deliver an underlying pre-tax profit of £200mn this year.”
Notes to Editors
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