Vistry sees FY profits of more than £450m as market improves

(Sharecast News) - UK housebuilder Vistry said it expected to report adjust annual earnings of more than £450m as the market continued to improve in the wake of the disastrous 'mini budget' of former prime minister Liz Truss. "We have continued to see improving market conditions and the group has traded in line with our expectations for the year to date," the company said in a trading update on Thursday.

The group said it had £4.4bn in forward sales and was "well positioned" to manage costs and was targeting to offset any inflationary cost increases this year.

Truss's unfunded £44bn tax cuts package sent markets into a tailspin last September, resulting in thousands of mortgage products being pulled by lenders and worsening an already fragile economy.

Vistry added that its sales rate continues to improve with the average weekly private sales rate per site per week at 0.83 for the year to date.

Reporting by Frank Prenesti for Sharecast.com