|Adjusted profit before tax||£143.9m||£188.2m|
|Return on capital employed||14.4%||22.1%|
|Total shareholder return||(28.2%)||71.2%|
The Group’s clear focus at the start of 2020 was to successfully integrate Linden Homes and Vistry Partnerships, maximising the significant benefits from the combination with Bovis Homes, and to deliver upon the strategic rationale for the Acquisition.
Our approach was to bring together the best from each business creating a stronger Vistry Group.
As an enlarged group, the Housebuilding business has the capacity to increase output to more than 8,000 units and with controlled volume growth, the business focus is to increase gross margin up to the 24.2% gross margin embedded in the owned land bank.
Vistry Partnerships has a clear strategy to deliver significant growth in higher margin mixed tenure completions, targeting more than £1 billion revenue in 2022 and an operating margin of 10%+.
Deleveraging the Group was a clear priority for the first two years post acquisition to best deliver enhanced returns to shareholders.