Half Year 2024 Vistry Group PLC Earnings Call Transcript
Key Points
- Strong first-half performance with a 9% increase in completions to 7,792 units.
- Adjusted operating margin maintained at 11.5%, outperforming the traditional housebuilding market.
- Encouraging sales performance with a 10% increase in sales during the typically quieter summer period.
- On track to deliver over 18,000 units this year, making Vistry Group PLC (BVHMF) the largest housebuilder in the country.
- Announced GBP130 million worth of share buybacks, including a special distribution of GBP75 million.
- Higher average net debt in the first half of the year at GBP489 million compared to GBP360 million last year.
- Finance costs have increased due to higher average net debt and higher discount rates from land creditors.
- The effective tax rate has increased from 24.1% last year to 28.8% this year.
- Challenges in the housing market persist, with a downturn in both private housing and partnerships markets.
- Concerns about the building safety regulator's capacity to sign off work, potentially causing delays in remediation efforts.
Welcome to our half-year results. Before I get cracking on that, just a little story. I've struggled during the summer, as I've just been reminded by one analyst in the room, I won't say who he is, but he's Welsh. I turned 60, and it's been -- I've actually struggled with it. It's been quite difficult, including the moment three weeks ago, my PA, Tracy, with a big smile on her face gave me my senior railcard.
But I had a break yesterday on the train up for this roadshow. 10 minutes onto the train, conductor came along. And, can I see your ticket, please, which I've moved into the 21st century. I showed in my phone. He put his little clicker on to it, and that's fine. And I looked at him smiling and he said that, I will need to see your railcard, sir. And I said, why is that? And he said, well, I don't think you look 60. So anyway, it made my day.
So agenda. Introduction, which is me. Financial review will be done by Tim, of course. Partnerships update, Stephen; operational, Earl; and then I'll wrap things up with a little bit
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