Full Year 2024 Vistry Group PLC Earnings Call Transcript
Key Points
- Total completions increased by 7% to 17,225, making Vistry Group PLC (BVHMF) the largest house builder in the country by volume.
- Partner-funded projects rose by 18%, showcasing strong relationships and team efforts.
- Adjusted revenues increased by 7% to GBP4.3 billion, with average selling prices on the private side remaining firm.
- Vistry Group PLC (BVHMF) maintained a 5-star house builder rating for the sixth consecutive year and won over 70 site quality awards.
- The company is well-positioned to benefit from the government's GBP2 billion investment in affordable housing, aligning with its partnership strategy.
- The company significantly underperformed its financial targets, with a reported adjusted profit before tax of GBP263.5 million, impacted by issues in the South division.
- Operating margin was down significantly due to South division issues and a transition to the partnership strategy model.
- Profit before tax and EPS both decreased by 35%, with reported profit before tax down more significantly due to exceptional costs.
- Net debt increased to GBP180 million, influenced by South division issues and year-end delays.
- The company faced a shortfall at year-end from delays in partner agreements and commercial transactions, leading to a buildup of work-in-progress and stock.
Right. Good morning, everyone. Just gone 8:30, so we will kick off with our full-year results. So I'm joined today obviously by Tim Lawlor, Chief Financial Officer; and Stephen Teagle, Chief Exec of our partnerships business.
So the agenda today, I'll give a very brief introduction, hand over to Tim to go through all the financials, which are quite complicated this year. Market update will be given by Stephen. I'll talk about operational matters that are going on at the moment and then finish off with an outlook. And then we'll be delighted to take any questions.
So headlines to start with, so total completions increased by 7% to 17,225, which I still believe makes us the largest house builder in the country by volume.
Partner funded was up by 18%. Open market down in a challenging market by 15%. And I think at this point, it would be good for you just to make the point that when we announced the strategy in September 2023, we've had nothing since other than headwinds. And by that the headwinds,
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