Housebuilder鈥檚 results hit by weak demand from affordable housing partners ahead of spending review

Both revenue and profit fell at Vistry in the first six months of the year, the housebuilder said in half-year results this morning.

Interim accounts for the period ended 30 June saw turnover drop 5% to 拢1.64bn, while pre-tax profit was also down 55% from 拢91.2m to 拢40.9m. Operating profit fell 49% to 拢58m.

The housebuilding giant鈥檚 adjusted figures, which include the group鈥檚 share of joint ventures but not exceptional items, saw revenue slide 6% from to 拢1.85bn while pre-tax profit was down a third to 拢81m. Operating profit was down a quarter to 拢124m.

Vistry Covenant Signing -60 (2) LR

Chief executive Greg Fitzgerald said he was expecting an uptick in trading in the second half of this year

The number of completions during the half-year stood at 6,889, 12% down on last time.

Vistry said the depressed figures were expected and reflected a lower level of partner demand in the period.

鈥淭his decline reflects the expected lower level of demand in the first half from our affordable housing partners due to uncertainty ahead of the June spending review and transitional funding constraints,鈥� the firm said.

But chief executive Greg Fitzgerald said the firm had 鈥渕ade good progress with its target of reducing debt levels鈥�, with net debt standing at 拢293m, down from 拢322m and 鈥渟ignificantly better than expectations鈥�.

After a challenging end to 2024, , Fitzgerald said the firm had been focused on 鈥渟tabilisation鈥� in recent months.

And he added there was 鈥渁 significant step-up in the level of partner transactions expected in the second half of 2025鈥�.

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