Business
Full year results for year ended 31 December 2022
Full year results for year ended 31 December 2022.
About this update from Vistry Group Plc
[{"type":"text","content":"\n \n \n \n 22 March 2023 \n \n \n \n Full year results for the year ended 31 December 2022\n \n \n \n \n Vistry Group PLC (the \"Group\")\n announces full year results for the year ended 31 December 2022.\n \n \n \n \n \n Greg Fitzgerald, Chief Executive commented:\n \n \n \"2022 was another landmark year for the Group as we delivered a step up in financial performance and made excellent progress across all areas despite the more challenging market conditions experienced in the fourth quarter. The combination with Countryside presents a unique opportunity and has created one of the country's leading homebuilders, comprising a leading partnerships business and a high quality major housebuilder. It has accelerated the Group's strategy of rapidly growing its more resilient partnerships revenues and of targeting sector leading return on capital employed.\n \n \n \"The businesses have come together extremely well with a good cultural fit, and the integration process is making excellent progress. As a result, we are confident of delivering annualised synergy benefits of c. £60m, ahead of our original target.\n \n \n \"We are focused on maximising the opportunities from our unique market position and increasing the supply of high quality housing across all tenures. The resilience of our Partnerships business is reflected in its strong forward order book which gives us the confidence that the business will deliver growth in FY 23 revenues in line with its strategy. Housebuilding is focused on operational excellence to maximise its sales opportunity and has the expertise, embedded controls and disciplines in place to succeed. Market conditions are improving and based on the assumption that private sales rates continue to trend towards levels seen in 2019, we expect Group adjusted profit before tax for FY23 to be in excess of £440m[1].\n \n \n \"Our people are key to the Group's success, and I would like to thank all of our employees, subcontractors and supply chain for their continued hard work and dedication.\"\n \n \n \n \n \n Group financial highlights\n \n \n \n \n \n \n \n £m unless otherwise stated\n \n \n \n \n \n \n FY22\n \n \n \n \n \n \n FY21\n \n \n \n \n \n \n Change\n \n \n \n \n \n \n \n \n Adjusted basis[2]\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n ...