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.
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Vistry key facts
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