Business
AGM Statement
AGM Statement.
About this update from Vistry Group Plc
[{"type":"text","content":"\n \n \n 18 May 2022\n \n \n \n \n \n \n \n Vistry Group PLC - Trading Update\n \n \n Group expects to deliver 2022 profits at the top end of market forecasts\n \n \n Vistry Group PLC (the \"Group\") is providing an update on trading in the period from 1 January 2022 to date, ahead of its Annual General Meeting (\"AGM\") which is being held at 12:00pm today.\n \n \n \n \n \n ·\n Continue to see strong demand across all areas of the business with an average weekly private sales rate of 0.86 (2021: 0.75) for the year to date, an increase of 15% on what was a good start to the prior year\n \n \n ·\n On-going positive momentum on pricing across all areas, with price increases continuing to more than offset build cost inflation\n \n \n ·\n Our sites are operating well with good visibility on material supplies and levels of on-site labour\n \n \n ·\n Continue to acquire high quality land opportunities to deliver on our medium and longer term targets, with 4,416 (2021: 4,407) plots secured in the year to date\n \n \n ·\n Very strong forward sales position with total Housebuilding and Partnerships' mixed tenure forward sales up to £2,498m (14 May 2021: £1,938m) and 83% of total forecast units for 2022 secured\n \n \n ·\n Given the positive trading in the year to date and in particular the strong price increases, we expect margins in both Housebuilding and Partnerships in 2022 to be ahead of our previous 2022 targets\n \n \n ·\n Month-end average net debt for 2022 expected to be lower than previous target of c. £100m\n \n \n ·\n Whilst we are mindful of the wider market uncertainties, we remain positive on our outlook. Our expectation for profit in the first half has moved forward, and for 2022 we expect adjusted profit before tax to be at the top end of market forecasts\n \n 1\n \n \n \n \n \n \n Greg Fitzgerald, Chief Executive commented:\n \n \n \"Despite the macro uncertainties, Vistry's very strong start to the year has continued. Our sales rate is at 0.86, up 15% on prior year, with positive momentum on pricing and all our sites operating well. Materials supply issues have eased and whilst we continue to see build cost inflation in line with previous assumptions, this is being more than offset by price increases.\n \n \n \"As a result, we are trading ahead of expectations and expect our margins for both Hous...