Business
Full year results for the year ended 31 Dec 2024
Full year results for the year ended 31 Dec 2024.
About this update from Vistry Group Plc
[{"type":"text","content":"\n\n\n26 March 2025\n \nFull year results for the year ended 31 December 2024\nVistry Group PLC (the Group) announces it full year results for the year ended 31 December 2024.\n \nGreg Fitzgerald, Chief Executive commented:\n\"2024 was a challenging year for the Group resulting in a disappointing financial performance, despite strong growth in completions and revenue. We have concluded a rigorous set of reviews and year end procedures with no further issues being identified, and much work has been done to ensure the Group has the right people, structure, systems and controls in place to move forward with confidence.\n\"Our focus is now firmly on the future and executing our differentiated partnerships strategy. We are pleased to see the Government bring forward a further £2 billion of much-needed funding for affordable homes, and will be seeking to progress as quickly as possible with our partners to deliver quality new homes across the country. We continue to drive a capital light, high return model, with a targeted 40% return on capital employed in the medium term.\n\"Finally, demonstrating that the Group retains a strong financial position remains a top priority for 2025 and we expect to deliver improved cash generation and reduce net debt through the year.\"\n \n\n\n\n\n£m unless otherwise stated\n\n\n2024\n\n\n2023 restated2\n\n\nChange\n\n\n\n\nAdjusted basis1\n\n\n\n\n\n\n\n\n\n\n\n\n\nTotal completions (number)\n\n\n17,225\n\n\n16,118\n\n\n+7%\n\n\n\n\nRevenue\n\n\n4,329.2\n\n\n4,042.1\n\n\n+7%\n\n\n\n\nOperating profit\n\n\n358.2\n\n\n476.1\n\n\n-25%\n\n\n\n\nOperating profit margin\n\n\n8.3%\n\n\n11.8%\n\n\n-3.5ppts\n\n\n\n\nProfit before tax\n\n\n263.5\n\n\n407.3\n\n\n-35%\n\n\n\n\nBasic earnings per share\n\n\n55.9p\n\n\n85.8p\n\n\n-35%\n\n\n\n\nReturn on capital employed3\n\n\n14.6%\n\n\n20.9%\n\n\n-6.3ppts\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nReported basis\n\n\n\n\n\n\n\n\n\n\n\n\n\nRevenue\n\n\n3,779.3\n\n\n3,564.2\n\n\n+6%\n\n\n\n\nOperating profit\n\n\n167.0\n\n\n300.0\n\n\n-44%\n\n\n\n\nProfit before tax\n\n\n104.9\n\n\n293.0\n\n\n-64%\n\n\n\n\nBasic earnings per share\n\n\n22.0p\n\n\n62.1p\n\n\n-65%\n\n\n\n\nNet debt\n\n\n(180.7)\n\n\n(88.8)\n\n\n-103%\n\n\n\n\n1 Completions include 100% of joint ventures. All other financials are shown on an adjusted basis to include th...