Vistry ups 2023 outlook as chair Findlay resigns

Housebuilder Vistry Group (LSE: VTY) has upgraded its 2023 profit forecast to be in line with last year’s £418.4 million, ahead of previous guidance of £403 million. The FTSE 250 firm also announced that Chair Ralph Findlay will step down at May’s AGM after six years in the role.

Chief executive Greg Fitzgerald will take on the additional position of chair when Findlay departs. Vistry has begun seeking an experienced senior director to provide extra governance oversight.

The company completed 16,124 homes last year, a 5.4% decrease but an “outperformance” versus peers. It cited “resilience” in its partnerships model.

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2023 sales rates are averaging 0.96 sales per week per site, up from 0.71 last year. However, open market demand remains “suppressed” amid high mortgage rates and cost of living pressures.

Vistry shares have risen 32% over the past 12 months. The stock ticked up 2.9% on Friday morning following the announcements.