18th Jan 2023 10:43
(Alliance News) - Vistry Group PLC on Wednesday said its 2022 profit growth was in line with expectations, helped by a strong demand for affordable housing.
The Kent, England-based housebuilder anticipates adjusted pretax profit to increase by 21% to GBP418 million from GBP346 million a year prior.
Looking at 2023, Vistry said it started the year with forward sales totalling GBP4.6 billion, up 70% from GBP2.7 billion a year prior.
The company delivered 6,774 housebuilding units in 2022, up 3.4% from 6,551 in 2021. Housebuilding forward sales for 2023 are at GBP1.0 billion, down 23% from GBP1.3 billion a year ago.
"The combination with Countryside Partnerships in November provided a transformative opportunity for the Group to accelerate its strategy of rapidly growing its high return, less cyclical revenues, and has firmly positioned Vistry as a leading provider of affordable homes," said Chief Executive Officer Greg Fitzgerald.
"The integration process is making excellent progress and I am confident that with the combined expertise, track record and assets, we are extremely well positioned to maximise the opportunities from the continued strong demand for affordable housing across the country."
In November, Vistry completed the GBP1.25 billion acquisition of Essex-based operative builders company Countryside Partnerships PLC.
Vistry will release its 2022 results on March 22.
Vistry shares were 1.2% higher at 756.00 pence each in London on Wednesday morning.
By Tom Budszus, Alliance News reporter
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