Vistry to focus on partnerships as H1 profits fall 8.4%

(Sharecast News) - Vistry said it planned to merge its housebuilding operations with its partnerships business by the end of the year as it set new medium-term earnings targets. The UK home builder on Monday said it was now aiming for return on capital employed of 40%, revenue growth of 5 - 8% a year and operating profit of £800m with an operating margin of at least 12%.

Vistry posted an 8.4% fall in adjusted half-year pre-tax profits to £174m amid a tough housing market where prices have been falling in response to higher mortgage costs.

Reporting by Frank Prenesti for Sharecast.com