Vistry Partnerships to top £1bn revenue next year

Aaron Morby 4 years ago
Share

House builder Vistry bounced back in the first half to deliver strong growth and profit across the private house building and partnership arm.

Greg Fitzgerald saysd partnerships arm is on track for strong growth and could generate £1.5bn of revenue in five years time
Greg Fitzgerald saysd partnerships arm is on track for strong growth and could generate £1.5bn of revenue in five years time

In particular the Partnership business enjoyed a strong rebound and is on track to double in size by the end of next year with revenue targetted at £1bn.

Partnerships also delivered exceptional margin growth up to 9% from 4% in 2019 helped by higher margin mixed tenure revenues.

The accelerated growth is supported by the division’s 11 operating regions with new operating regions being planned for delivery from 2023.

In the medium term Greg Fitzgerald, chief executive said: “We believe the business and market opportunity could deliver revenue growth of 10 to 15% annually, with the potential for Partnerships to deliver annual revenue of £1.6bn in 5 years, alongside an adjusted operating margin of 12%+.”

Looking at the first half group performance he said: Following an effective operational integration, Vistry is in great shape and delivered a step change in financial performance in the first half. 

“The group holds a unique market position with strength and capability across all housing tenures, and we are firmly focused on maximising the opportunities this brings.

“Housebuilding delivered a significant improvement in margin in H1 and we expect this to continue, while Vistry Partnerships is firmly on track to deliver more than £1bn of revenue in FY 22 and a margin in excess of 10%, driven by the accelerated growth of its higher margin mixed tenure revenues.”

Fitzgerald added: “The group ended the period with £31.6m net cash representing nearly £400m of cash inflow over the last 12 months, reflecting our financial performance and balance sheet strength.”

Overall group adjusted revenue in the first six months of 2021 increased 4% against a 2019 proforma performance to £1.26bn.

Group profit before tax increased to £156.2m (H1 20: £12.2m loss).

 

Latest news

Balfour Beatty terminates Danny Sullivan labour deals

Around 500 workers on HS2 will be moved to alternative agencies or be taken on direct
1 day ago

Trio face prosecution after Hinkley site death

Main contractors and client to face charges over death of site supervisor
1 day ago

Buyers see recovery in house building sector

But civil and commercial work still in the doldrums
2 days ago

Apprentice saws-off thumb on hotel refurb site

Court hears how digit was reattached and teenager continued training with another firm
2 days ago

Laing O’Rourke tops June contracts league

£919m animal super lab dominates new orders
2 days ago

TSL turnover smashes £500m as profit almost trebles

Data centre and logistics contractor rises high on surging demand
2 days ago

Gleeson Homes chief exec leaves business after restructure

Management revamp after "challenging" year
2 days ago

Green light for 1,600-home Oldham town centre overhaul

Plans for over 1,600 homes across six regeneration sites approved
2 days ago

DSM wins Norwich city centre clearance job

Anglia Square shopping centre clearance for £300m scheme
2 days ago

13-year-old becomes UK’s youngest qualified digger driver

Grandson of Gallagher Group chairman sets industry record
2 days ago

Cubby reborn in £12m Svella-backed takeover

£50m revenue target set as 14 firms combine under new Cubby Group banner
3 days ago

North East NHS trusts plot £3bn health estate overhaul

Market engagement begins for major construction push across four trusts
3 days ago

HG goes green on cranes in £1.2m switch to battery power

Diesel-free crane drive cuts fuel bills by 94%
3 days ago

Developer fined £165,000 for fire safety failings

Firm ignored fire safety orders on apartment job in Preston
3 days ago

Bidding to start for £1.8bn North West framework

Contractors invited to bid for latest Procure Partnerships deal
3 days ago

Hill hits record £90m profit as homes pipeline swells

Build-to-rent push and £4.8bn contracting book to fuel next growth phase
4 days ago

Rayner unveils £39bn plan to build 300,000 social homes

Council building revival and rent reform feature in social and affordable homes plan
4 days ago

Keltbray bounces back with £3.2m profit

Tighter controls and smarter project selection fuel strong turnaround
4 days ago

VINCI JV wins 500-home twin town centre revamps

Chester Northgate phase 2 and Northwich Weaver Square schemes move to delivery stage
4 days ago

80 energy projects unlocked as Ofgem backs grid expansion

£24bn energy networks deal gets green light from regulator
5 days ago

How to see your stories on the Enquirer

Join our Suppliers and Buyers directory to get your news published
4 days ago

Henley lands Midland Mill revamp on Leeds tower scheme

Restoration of 18th-century mill kicks off on South Bank regeneration project
4 days ago

New boss at Eric Wright Civil Engineering

Gavin Hulme takes top job as Diane Bourne moves to group role
4 days ago

Pinewood submits £1bn data centre plan

Studio giant adds green and learning spaces to tech hub blueprint
5 days ago

Record results after TClarke goes private

Britain's biggest M&E contractor flourishes after de-listing
5 days ago

Dalkia lands £200m nuclear maintenance deal

1,000 nuclear FM staff to join M&E contractor
5 days ago

Construction comeback to outpace wider economy

Arcadis forecast fueled by spending review optimism
6 days ago

First steel goes up on giant car battery site

Severfield gets to work on McAlpine Somerset site
6 days ago

Permasteelisa wins cladding deal on Bovis city tower

Facade specialist lands package at 60 Gracechurch Street
5 days ago

Fox buys recycled asphalt specialist Fisher

Acquisition adds major recycled asphalt capacity in north west
6 days ago