While Vistry’s first six months of existence was marked by the onset of the Covid-19 pandemic and site closures, its second set of interim results show a much stronger picture.
In the six months to 30th June 2021 Vistry made a pre-tax profit of £156.2m on revenue of £1.10bn. In the same period last year it lost £12.2m on revenue of £606m.
Chief executive Greg Fitzgerald said: "Following an effective operational integration, Vistry is in great shape and delivered a step change in financial performance in the first half.”
He said: “Our sites have operated well during the period with no real impact from Covid-19 and our first half completions were delivered in a controlled manner with a firm focus on quality together with the wellbeing of customers and colleagues. The significant step up in production across the industry has led to some pressure on the materials supply chain resulting in extended lead times and inflationary pressures on certain products. Working in close partnership with our suppliers, we have actively managed this ongoing situation. The supply agreements entered into at the formation of Vistry Group are delivering an enhanced service and providing some protection against cost inflation thanks to our enlarged scale and buying power."
Rising house sale prices had more than offset any cost inflation incurred during their construction, he said.
The company is now expecting to make adjusted profit before tax of around £345m for the full year, which is 5% ahead of previous consensus expectations.