Vistry Group has reported a revenue of £1.72bn ($2.27bn) for the first half (H1) of 2024, marking a 9.4% increase from £1.57bn in the same period last year.
Operating profit for the first six months ending 30 June 2024 also rose to £167.2m, up 38.0% from £121.2m in H1 2023.
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Adjusted operating profit also grew by 10% to £227.3m, compared to £206.7m in H1 2023.
The company’s profit before tax increased to £156.7m in H1 2024, up 37.2% from £114.2m in H1 2023.
Basic earnings per share (EPS) climbed to 33.9p, up from 24.1p in H1 2023 while diluted EPS rose to 33.2p from 24.1p in the same period a year ago.
Additionally, Vistry Group secured new land development opportunities in line with its high growth strategy, acquiring a total of 8,225 mixed-tenure plots across 32 developments in the first half, compared to 6,866 plots in H1 2023.
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By GlobalDataVistry Group chief executive Greg Fitzgerald said: “The group has delivered a strong half-year performance with Vistry’s Partnerships model significantly outperforming the traditional house-building market.
“The group’s growth strategy and greater delivery of affordable housing is well-aligned to the new government’s ambitions to address the country’s housing crisis, and uniquely positions Vistry to play a key role in delivering the government’s new housing targets.”
This announcement comes after Vistry Group broke ground on the Lotmead site, a new village project featuring up to 2,500 homes in Swindon, UK, last month.
