10 July 2025
If you are covering the H1 trading statement from housebuilder, Vistry, please find comments below from Oli Creasey, head of property research at Quilter Cheviot:
“Vistry’s half-year trading update delivered no major surprises – reassuring news following the profit warnings in late 2024. The company has reiterated its full-year growth guidance and expects H1 profits to be broadly in line with market expectations.
“Encouragingly, Vistry has made progress in reducing net debt, which stands £27 million lower than the same point last year. While debt has risen since December, this appears to reflect seasonal trends, with mid-year peaks typically followed by year-end declines. The company has also refinanced key debt facilities, maintaining the previous interest rate, with the new arrangements extending to April 2028.
“Sales volumes have declined year-on-year, with both completions and the sales rate lower than in 2024. This was anticipated ahead of the Government’s June spending review. However, the newly announced Affordable Homes Programme and other policy initiatives are expected to stimulate demand in the second half of 2025 and beyond. Vistry’s partnership model positions the business well to benefit from this anticipated uplift.”
