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Adjusted profit before tax (£m)
The Group has achieved an enormous amount in 2020, and despite the challenges I am in no doubt we start 2021 as a stronger business. We had a strong second half performance with a sustained step up in demand,
firm pricing, and a robust supply chain. Vistry Partnerships made excellent progress against its growth targets of £1bn revenue and a 10% plus operating margin by 2022, delivering a 70% increase in H2 2020 mixed tenure completions
and adjusted operating margin progression in the year to 6.7%. Our firm focus on cash management resulted in a year end net cash position of £38m.
As a result of these actions and our positive performance, the Board is pleased to resume dividend payments with a proposed final dividend of 20 pence in respect of 2020.
2021 has started well with strong demand across all areas. We have seen no impact from the national lockdown or changes to the Help to Buy scheme and the expected end to the Stamp Duty exemption. We have a strong forward sales position, with 64% of forecast units for 2021 already secured. Assuming stable market conditions, the Group is confident it will more than double profits in the year, with a profit before tax of at least £310m. On behalf of myself and the rest of the Board, I would like to thank all our employees, subcontractors and suppliers for their incredible hard work and commitment during what has been a uniquely challenging period. – Greg Fitzgerald, Chief Executive
HBF customer satisfaction
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The Group delivered a solid financial performance in light of the challenges from Covid-19. In particular, the strong performance of the Partnerships business growing revenue and margin, demonstrating its robust characteristics despite the market pressure.