Vistry commits to affordable housing
By Sarah Wood | 12th September 2023
Housebuilder, Vistry Group, is committed to building only affordable housing in future.
Vistry is one of the UK's biggest housebuilders, including brands such as Bovis, which has a headquarters in Bishop's Cleeve, and Linden Homes.
The firm announced a new strategic direction alongside its half-year results.
Vistry Homes will now focus its operations fully on its partnership work with councils and housing associations.
In a statement on its website, Vistry said: "There is an acute shortage of housing in the UK with the greatest need being for affordable mixed tenure homes.
"Addressing the country's acute need for affordable mixed tenure housing is at the core of Vistry being a responsible developer."
Greg Fitzgerald, chief executive, said: "The scale of the social need for affordable mixed tenure housing across the country continues to increase and it is clear that Vistry is uniquely positioned as the leader in partnerships housing.
"In this context and following our annual review of the group's strategy, the board has concluded that focusing the group's operations fully on partnerships by merging our housebuilding operations with our partnerships business, best enables sustained growth in housing output, provides greater benefits to our partners, while maximising value and long term returns for shareholders with the group targeting a 40% ROCE and the distribution of £1bn to shareholder over the next three years.
"Delivering on the acute social need for housing across the country and increasing the availability of affordable, sustainable homes is at the core of the group's social purpose and vision, and I look forward to delivering upon this exciting and unique opportunity for Vistry."
The half-year results show a 31.4% rise in revenues and a 4.3% increase in operating profit, compared to the first half of 2022.
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