The housebuilder’s full year results for 2025 show operating profit also fell during this time, by 44%, from £300m to £167m.

This was despite revenue increasing 6%, from £3.6bn in 2023 to £3.8bn in 2024.

Vistry also finished 2024 with a worsened debt position. The housebuilder’s net debt position was £180.7m in 2024, 103% higher than the net debt of £88.8m it began the year with.

The housebuilder completed 17,225 units in 2024 which was up from the 16,118 in 2023 but fell short of earlier guidance.

In a September 2024 trading update, CEO Greg Fitzgerald reiterated confidence in hitting an 18,000 unit completion target for the year despite being 10,000 short at that time.

Greg took on more roles last year when the COO function was scrapped in November 2024 with Earl Sibley leaving after four years.

Looking ahead, the group has an order book totalling £4.4bn with 65% of forecast FY25 units secured.

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Vistry’s management, while expecting some upward pressure on build costs, are forecasting to make year-on-year progress with its profit by the end of 2025.

The management team have reiterated their belief in Vistry’s partnership model, with partner funded activity to step up as the new £2bn of affordable housing funding is allocated.

Elsewhere, the company is targeting £200m in savings by reducing its working capital in 2025.

Bulk sales and discounts are also being explored as a way to “accelerate” the cash release from its landbank.

“2024 was a challenging year for the Group resulting in a disappointing financial performance, despite strong growth in completions and revenue,” said Greg.

“We have concluded a rigorous set of reviews and year end procedures with no further issues being identified, and much work has been done to ensure the group has the right people, structure, systems and controls in place to move forward with confidence.”