Business
Half year results
Half year results.
About this update from Vistry Group Plc
[{"type":"text","content":"\n \n \n \n 8 September 2022\n \n \n \n \n \n \n Vistry Group PLC - Half year results\n \n \n Vistry Group PLC (the \"Group\") is issuing its results for the six-month period ended 30 June 2022.\n \n \n Greg Fitzgerald, Chief Executive commented:\n \n \n \"The Group has delivered an excellent performance in the first half, significantly exceeding our expectations at the start of the year. Operationally we are in great shape, and with our leading capability across all housing tenures, are very well positioned to maximise the broader market opportunity in the coming period.\n \n \n We have made a solid start to the second half and are well positioned for the full year with our Housebuilding and Partnerships mixed tenure forward sales position up 10% on prior year and 96% of our forecast completions for FY 22 secured. Whilst mindful of the impact of wider economic uncertainties including rising energy costs, we continue to expect to see a significant step-up in profitability in both Housebuilding and Partnerships in FY 22, with adjusted Group profit before tax to be in-line with our previously upgraded expectations.\"\n \n \n First half highlights\n \n \n · \n Excellent H1 performance, ahead of our expectations at the start of the year and significantly ahead of a strong performance in H1 21, supported by positive market trends\n \n \n ·\n Housebuilding completions\n 1\n increased to 3,219 (H1 21: 3,126) units with adjusted gross margin\n 2\n improving to 23.0% (H1 21: 21.8%) and return on capital employed\n 3\n increasing to 21.7% (H1 21: 17.4%)\n \n \n ·\n Vistry Partnerships continues to realise its strategy of delivering rapid growth in higher margin mixed tenure revenues, up 33.7% in the period resulting in an improved H1 adjusted operating margin1 of 10.2% (H1 21: 9.1%) whilst retaining a return on capital employed in excess of 40%\n \n \n ·\n Group adjusted profit before tax\n 4\n increased by 14.3% to £189.9m (H1 21: £166.1m) and on a reported basis\n 5\n was £111.3m (H1 21: £156.2m)\n \n \n ·\n As expected, the Group has taken an additional fire safety provision of £71.4m in the first half to meet the liabilities covered by the Pledge and the project management costs\n \n \n ·\n Successful period in the land market growing the size of our owned and controlled landbank through the addition of 5,526 (H1 21:...