London · Delayed Price · Currency is GBP · Price in GBX Vistry Group Earnings Call Transcripts
Fiscal Year 2026
-
Delivered over 6,000 homes in H1 with strong KPIs despite market headwinds, but H1 saw a £30m loss before tax due to decisive cash actions. Significant improvement in profitability and cash position is expected in H2, with FY 2026 adjusted profit before tax forecast at £200m.
-
Profits and margins improved in 2025, with a strong second half and robust forward sales for 2026. Strategic focus has shifted to affordable housing, with significant land acquisitions and a cleaner land bank. Management is confident for 2026, targeting over 17,000 completions and further debt reduction.
Fiscal Year 2025
-
Profit before tax met expectations with a strong second half, despite a 4% revenue decline and 9% drop in completions. Affordable housing remains a growth driver, with a 40% year-to-date sales rate increase and a robust £4.5 billion order book. Margin pressure is expected in H1 2026 due to sales incentives, but cash generation and capital efficiency are key priorities.
-
Half-year results met expectations, with strong cash flow, reduced debt, and a robust outlook for 2025. Affordable housing partnerships are driving growth, supported by unprecedented government funding and new initiatives like the Hestia JV.
-
Adjusted profit before tax for 2024 is expected at £250 million after cost issues and delays, with completions and revenues up but open market sales down. Strategic focus remains on affordable housing, cash generation, and operational discipline, with improved outlook for 2025 and a positive planning environment.
Fiscal Year 2024
-
Completions and revenues grew, but profits and margins fell due to legacy issues and a strategic shift to partnerships. Strong government support and a robust order book underpin a positive outlook, with profit and margin recovery expected in H2 2025.
-
Cost overruns in the South Division led to a GBP 50 million increase in estimated impact, reducing FY24 profit guidance to GBP 300 million. Issues are isolated, controls are strengthened, and the partnership model is reinforced, with strong operational metrics and a robust order book supporting future growth.
-
Completions rose 9% and operating margin held at 11.5%, driven by a strong partnerships model. Over 18,000 units are expected for the year, with £130m in distributions announced and robust forward sales. Medium-term growth targets and capital returns remain on track.
-
Completions and profits grew strongly in H1, driven by robust partner-funded demand and operational efficiency. Forward sales and land investment are up, with a resilient sales rate and expectations for over 18,000 units this year. Cash generation and capital returns remain on track.