In its annual report, the company posted pre-tax profits of £247.5m, up 22% on the previous year, in large part thanks to the strong performance of its partnerships business.
“Our Partnerships business is seeing a good level of demand from housing associations and local authorities,” the company said. “The resilience of our Partnerships business is reflected in its strong forward order book totalling £2,840m.”
Vistry also acquired Countryside Partnerships in November 2022 and said the integration of that business was making “excellent progress”, with annualised synergies now expected to be £60m (up from £50m previously announced), with around £25m expected in the fiscal year 2023.
“The combination with Countryside presented a unique and exciting opportunity for Vistry and has created one of the country's leading homebuilders, comprising a leading partnerships business and a high quality major housebuilder,” said Vistry chief executive, Greg Fitzgerald. “ It has accelerated the Group's strategy of rapidly growing its more resilient partnerships revenues and of targeting a sector leading return on capital employed.”