Housebuilder Vistry is predicting an upturn in profit as the housing market recovers – but the positive signs could not prevent a hit to the bottom line in its latest results.
The group, formed through a merger of Bovis Homes and Galliford Try’s Linden Homes division, lost £12.2m during the six months to 30 June as the coronavirus pandemic bit.
But the company expects its full-year profit to be between £130m and £140m and for profit in 2021 to be at least £310m.
Revenue over the six months rose by 28% year-on-year to £606.4m, while completions were up by 5% at 1,724.
Chief executive Greg Fitzgerald said the company has seen “positive sales trends” since early May, adding that consumer interest is “higher than at any time in recent years”.
The company’s sales rate so far in the second half of the year is a fifth ahead of the same time last year. Fitzgerald said: “The group is well positioned to capitalise on the opportunities available in the second half and into 2021 when we expect to deliver a step-up in completions and profitability, a reduction in gearing and a return to dividend payments.”
To send feedback, e-mail tim.burke@egi.co.uk or tweet @_tim_burke or @estatesgazette
