Revenue, profit and completions down in half-year results but Vistry expects affordable housing boom

Revenue and profit are down at Vistry in the firm’s latest half-year results.

Accounts for the period ended 30 June 2025 showed statutory revenue dropped 5% from £1.72bn to £1.64bn, while pre-tax profit was also down 55% from £91.2m to £40.9m.

The statutory operating profit figure also fell 49% from £114m to £58m.

The housebuilding giant also offered adjusted figures which account for the group’s share of joint venture income, and, for profit figures, exclude exceptional items and amortisation of acquired intangible assets.

On this basis, revenue was still down 6% from £1.97bn to £1.85bn, operating profit was down 23% from £162m to £124m, and pre-tax profit dropped 33% from £121m to £80.6m.

The number of completions during the half-year stood at 6,889, 12% down on the same period the year prior 7,792. 

Vistry said the depressed figures were expected and reflected a lower level of partner demand in the period.

“This decline reflects the expected lower level of demand in the first half from our affordable housing partners due to uncertainty ahead of the June Spending Review and transitional funding constraints,” according to the report.

In the open market, Vistry reported that after “positive momentum in the first quarter, market conditions softened somewhat in Q2, reflecting increased macro concerns and ongoing affordability challenges, particularly for first time buyers, with expected interest rate cuts being pushed further out.”

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Nevertheless, chief executive Greg Fitzgerald said the firm had “made good progress with its target of reducing debt levels”, with net debt as of 30 June 2025 standing at £293m, down from £322m and “significantly better than expectations”.

After a challenging end to 2024, which saw several profit warnings, Fitzgerald said that the firm had been focused on “stabilisation”.

He added that there was “a significant step-up in the level of partner transactions expected in the second half of 2025”.

“The new Social Affordable Homes Programme provides an unprecedented level of funding for affordable housing over the next 10 years,” he said. 

“Through our Partnership model and commitment to mixed tenure development, Vistry is uniquely placed to maximise this opportunity and play a key role in delivering high-quality affordable homes across the country.”