Vistry Group’s (LON:VTY) shares dropped more than 7% at the open on Wednesday after the housebuilder reported lower first-half revenue and profit, though it kept its full-year guidance unchanged.
For the six months to 30 June, adjusted revenue dropped 6% year-on-year to £1.85 billion, while adjusted operating profit slid 23% to £124.4 million.
Adjusted profit before tax was £80.6 million, down from £120.7 million a year earlier. On a reported basis, profit before tax fell 55% to £40.9 million, with earnings per share more than halving to 9.5p.
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Completions fell 12% to 6,889 homes, reflecting weaker demand from affordable housing partners in the first half. However, the average selling price increased 4% to £283,000.
Net debt was reduced to £293.1 million, down from £322 million a year earlier, supported by refinancing of £900 million facilities extended to April 2028.
Chief executive Greg Fitzgerald said the performance was “in line with expectations” and that Vistry was “well positioned to deliver for the full year”.
He added: “Working with our partners, we have a strong pipeline of development opportunities which will drive our second half performance, with an expected significant step-up in completions and profits.”
The company highlighted the government’s new £39 billion, 10-year Social and Affordable Homes Programme as a major opportunity, with Vistry claiming it is “uniquely placed” to deliver affordable housing through its partnership model.
Vistry’s forward order book stood at £4.3 billion, down from £5.1 billion a year ago, with 88% of 2025 sales already secured.
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