RE: Lets stick to FACTS24 Mar 2026 09:49
Vistry's financial performance in 2025 was in line with the expectations set at the beginning of the year, with the Group delivering adjusted profit before tax of £268.8m (2024: £263.5m).
The Group delivered total adjusted revenue of £4.2bn (2024: £4.3bn) which was achieved on 15,658 completions (2024: 17,225). The Group's average selling price increased by 3% to £282k, reflecting geographic mix improvements in our Partner Funded units and a slight shift towards larger Open Market homes. Partner Funded units represented 74% of total completions, with Open Market accounting for 26%, consistent with ongoing macro-economic constraints within the private market. The delay to the Autumn Budget resulted in subdued Partner Funded and Open Market activity in Q3 and the first part of Q4. Despite this, the Group's overall sales rate averaged 0.96 (2024: 1.07) sales per site per week. In line with our strategy to optimise capital, land sales contributed £180m of revenue (FY24: £91m), predominantly parcels of land on larger sites which the Group does not intend to develop in their entirety.
The Group reduced year end net debt in 2025, despite market headwinds, with net debt at 31 December 2025 of £144.2m (30 December 2024: £180.7m) representing a £36.5m inflow (2024: £91.9m outflow). Average daily debt of £734m (2024: £698m) was higher than targeted, due to the delay of a number of Partner Funded deals towards the end of the year, as well as challenging Open Market conditions impeding the pace of inventory reduction. It is worth noting that, to support long-term growth, the business selectively took advantage of a subdued land market, securing c.9,500 plots on 30 sites in the second half of the year (2025: 12,599 plots, 44 sites), including three large strategic sites representing c.5,000 plots acquired on favourable terms immediately ahead of the Budget.
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