Housebuilder Vistry said it expected to post a rise in profits for the full financial year thanks to improving group sales rates.
In a trading update the group said its forward sales position was ‘strong’ with the average weekly private sales rate per site per week standing at 0.83 for the year to date.
Vistry’s forward order book currently totals £4.5bn with partnerships forward sales totalling almost £3.1bn and housebuilding totalling £1.4bn.
The integration of Countryside Properties, the merger of which was completed last November, continued to make progress and Vistry said it expects to deliver £25m of synergies in the full-year 2023 and the full run rate of £60m by the end of 2024.
Gerald Fitzgerald, chief executive of Vistry, said: “I am increasingly confident on the outlook for Vistry for FY23 and expect adjusted profit before tax for FY23 to be in excess of £450m.
“We have continued to see improving market conditions and the group has traded in line with our expectations for the year to date. Partnerships is demonstrating the resilience of its business model and is expected to deliver revenue growth in FY23 against pro-forma FY22. The homes and places that Vistry is creating continue to respond directly to the needs of society, delivering mixed tenure housing for new communities across the country.
“We are well positioned to manage costs, reflecting the enlarged group’s increased purchasing scale and the visibility of revenues within our partnerships business, and for FY23 we are targeting to offset any inflationary cost increases.”
