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Vistry: first-half numbers as expected

Vistry’s first-half performance didn’t deliver any nasty surprises, and profitability looks set to improve over the second half.
Vistry - profits look set to beat previous guidance

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Prices delayed by at least 15 minutes

Vistry’s underlying revenue fell by 6% to £1.9bn in the first half. The decline was driven by a pullback in partner-funded activity ahead of the June Spending Review, which saw average weekly sales rates fall from 1.21 to 1.02. This was partly offset by a 4% rise in average selling prices to £283,000.

Underlying operating profits fell at a faster pace of 23% to £124mn, partly due to an unfavourable sales mix.

The order book fell from £5.1bn to £4.3bn.

Free cash outflows improved from £110mn to £25mn, largely due to favourable timing of cash payments and receipts. Net debt improved from £322mn to £293mn.

Over the full year, Vistry expects to deliver an “increase in profits”, with markets currently forecasting pre-tax profit growth of around 4% to £275mn.

The shares fell 2.4% in early trading.

Our view

HL view to follow.

Vistry key facts

All ratios are sourced from LSEG Datastream, based on previous day’s closing values. Please remember yields are variable and not a reliable indicator of future income. Keep in mind key figures shouldn’t be looked at on their own – it’s important to understand the big picture.

This article is original Hargreaves Lansdown content, published by Hargreaves Lansdown. It was correct as at the date of publication, and our views may have changed since then. Unless otherwise stated estimates, including prospective yields, are a consensus of analyst forecasts provided by Refinitiv. These estimates are not a reliable indicator of future performance. Yields are variable and not guaranteed. Investments rise and fall in value so investors could make a loss.

This article is not advice or a recommendation to buy, sell or hold any investment.No view is given on the present or future value or price of any investment, and investors should form their own view on any proposed investment.This article has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is considered a marketing communication.Non - independent research is not subject to FCA rules prohibiting dealing ahead of research, however HL has put controls in place(including dealing restrictions, physical and information barriers) to manage potential conflicts of interest presented by such dealing.Please see our full non - independent research disclosure for more information.
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Written by
Aarin Chiekrie
Aarin Chiekrie
Equity Analyst

Aarin is a member of the Equity Research team. Alongside our other analysts, he provides regular research and analysis on individual companies and wider sectors. Having a keen interest in global economics, he knows how macro-events can impact individual companies.

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Article history
Published: 10th September 2025