Britain's Vistry forecasts 7% profit increase in H1 2024

11 Jul 2024 CW Team

British housebuilder Vistry anticipated a half-year profit increase of approximately 7 per cent, driven by strong demand for its affordable homes from housing associations and the rental market, the company announced. Despite the British housing market facing delays in interest rate cuts, which dampened hopes for a quick recovery, the sector received a boost from the new Labour government's commitment to revamp planning regulations. The government aims to construct 1.5 million new homes over the next five years.

Vistry expressed its eagerness to collaborate closely with the government and supported their plans to implement mandatory housing targets, reform the national planning policy framework, hire new planning officers, and prioritize the development of brownfield and 'grey belt' land. This was conveyed in the company's trading statement.

However, Vistry's shares on the FTSE 100 index dropped by 1.6 per cent to 1,272 pence as of 1328 GMT. Investec analyst Aynsley Lammin noted concerns about higher-than-expected average net debt in what was otherwise a positive update from the homebuilder. Vistry reported a group net debt of ? 323 million as of June 30, compared to ? 329 million a year earlier.

Stephen Teagle, Vistry's chief executive of Partnerships and Regeneration, informed Reuters that the company is currently investing for future sales in the second half of the year and anticipates a reduction in debt over the next two to three years.

Supporting the housing sector, Britain's finance minister Rachel Reeves pledged on Monday to address the chronic shortage of new homes. This reinforced earlier comments by Vistry CEO Greg Fitzgerald, who in March stated that the group expected to build more homes under a Labour government.

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