Vistry PLC raises profit target as house demand booms

() said first-half profits will be significantly ahead of previous expectations with completions, margins and orders all ahead of target.

The housebuilder added the average weekly private sales rate was up 21% on the pre-pandemic year of 2019 and to meet the demand it expects to sell 6,500 units in 2021.

In a trading up for the period since 1 January, Vistry added that orders now total £2.7bn with private houses accounting for £1.49bn or 83% of expected sales this year.

Greg Fitzgerald, chief executive, said:  “It has been a very positive start to the year with strong demand across all areas of our business and our private sales rate increasing to 0.75.” 

Vistry also increased its profit forecasts for the year, with the adjusted outcome now expected to be not less than £325mln compared to guidance of £310mln previously.

The group also restarted dividend payments and expects to pay 20p with the half-year results while adding it expects its year-end cash position to be much better than the £38mln at the end of 2020.