Business
Full year results for the year ended 31 Dec 2023
Full year results for the year ended 31 Dec 2023.
About this update from Vistry Group Plc
[{"type":"text","content":"\n\n\n \n14 March 2024\nPartnerships business delivering; strong outperformance; well-placed for future growth\nVistry Group PLC (the Group) announces full year results for the year ended 31 December 2023.\nStrategic and operational highlights\n· Vistry has established its position as the country's leading Partnership business\n- Successful integration of Countryside Partnerships\n- Significant progress in implementing strategy to fully focus on a high growth, capital light Partnerships model, targeting 40% ROCE in the medium term\n· The resilience of the Group's unique Partnerships model was clearly demonstrated in the year, delivering a total of 16,118 new homes in 2023, down only 5.4% on proforma prior year\n· Excluding the former Housebuilding business, the Partnerships business delivered year on year growth in revenue, and maintained a ROCE of c. 40%\n· In the year, 67% of total completions were from Registered Provider, Local Authority and Private Rented Sector (referred to together as Partner Funded) sales and 33% from Open Market sales\n· Transition of former Housebuilding land bank progressing well\n· Remained active in the land market during 2023 securing a total of 13,067 plots (2022: 8,547) to support our growth objectives and medium-term targets\n· Significant step-up in Group's timber frame output, with capability to deliver c. 8,000 units\n· Expect to be awarded a 5-star HBF Customer Satisfaction rating for the fifth consecutive year in 2024\nFinancial highlights\n· Adjusted operating profit of £487.9m (2022: £451.1m) with an operating margin of 12.1% (2022: 14.5%)\n· Group net debt as at 31 December 2023 was £88.8m (2022: net cash £118.2m) with a strong balance sheet\n· Delivered a ROCE for the year of 21.3% (2022: 25.0%), the decline reflecting increased capital employed and lower volumes in the legacy Housebuilding business as a result of tougher market conditions\n· Completed £55m ordinary share buyback programme in February 2024\n\n\n\n\n£m unless otherwise stated\n\n\n2023\n\n\n20222\n\n\nChange\n\n\n\n\nAdjusted basis1\n\n\n\n\n\n\...