Vistry’s full-year underlying revenue fell 4% to £4.2bn. This was driven by a 9% drop in completions to 15,658 new homes, partly offset by a 3% rise in average selling prices to around £282,000.
Underlying pre-tax profits rose by 2% to £269mn, helped by lower financing costs.
Free cash flow improved from £83mn to £177mn, largely due to deferred payments for land acquired. Net debt improved from £181mn to £144mn.
In 2026, the group expects to deliver “good” revenue and volume growth. This should see underlying pre-tax profits improve, but at a lower margin due to increased use of incentives to drive sales.
Vistry completed £71mn of share buybacks in 2025, but no dividend payments were announced.
CEO Greg Fitzgerald has announced his intention to retire, and the search for a successor is underway.
The shares fell 17.7% 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 LSEG. 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.
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