by Joe Hope
Vistry Group Plc said on Wednesday it expects full-year adjusted pretax profit to increase in line with guidance, following strong growth in absolute sales.
The UK house builder said it expects adjusted pretax profit for 2021 to be in line with guidance of around £345 million ($470.4 million), up from GBP143.9 million a year ago. It said it expects to take a significant step up in profits and meet its target of at least GBP1.0 billion in revenue in 2022.
The company said its house-building division recorded 6,551 completions during the year, with gross margin expected to exceed 22%, up from 17.6% a year ago. In 2020, Vistari posted 4,652 completions. Average selling prices were stable at around GBP303,000 from GBP304,000, which were above GBP303,000.
The company said it has a strong forward sales position, with total house building division and partnership mixed tenure forward sales increasing 24% to GBP1.94 billion at year-end. About 54% of its expected sites are already sold out in 2022.
The company said it has experienced some supply-chain pressures, but is managing the challenge and is well positioned for the year ahead.
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