Kent’s Vistry Group PLC posts operating profit of £451m in 2022
Vistry Group PLC, a Kent-based house-building company, has reported strong growth in both revenue and operating profit for the year ended 31 December 2022.
Operating profit was up 22.4 per cent year on year, rising from £368.4 million to £451.1 million, and revenue was up 14.1 per cent, rising from £2,693.6 million to £3,073.2 million. A large portion of this growth has been attributed to Vistry Partnerships recording a 17.6 per cent increase in the growth of shared tenures.
The company expects profits to continue to rise in the coming year, the acquisition and integration of Countryside Partnerships is expected to deliver £25 million of synergies in FY23 with total synergies expected to reach £60 million by FY24.
Chief Executive of Vistry Greg Fitzgerald said: "2022 was another landmark year for the Group as we delivered a step up in financial performance and made excellent progress across all areas despite the more challenging market conditions experienced in the fourth quarter.
‘’The combination with Countryside presents a unique opportunity and has created one of the country's leading homebuilders, comprising a leading partnerships business and a high quality major housebuilder. It has accelerated the Group's strategy of rapidly growing its more resilient partnerships revenues and of targeting sector leading return on capital employed.
"The businesses have come together extremely well with a good cultural fit, and the integration process is making excellent progress. As a result, we are confident of delivering annualised synergy benefits of c. £60m, ahead of our original target.
‘’Housebuilding is focused on operational excellence to maximise its sales opportunity and has the expertise, embedded controls and disciplines in place to succeed. Our people are key to the Group's success, and I would like to thank all of our employees, subcontractors and supply chain for their continued hard work and dedication."
