Vistry Group has reported a 10% rise in its adjusted operating profit to £227m in its first half results.

The housebuilding firm also posted a 7% increase in its adjusted profit before tax up to £186m for the six months to 30 June.

Vistry revealed that it is on track to deliver more than 18,000 completions in its current financial year – up from 16,118 last year – which it said has been underpinned by a strong forward sales position, up 21% on the prior year and totalling £5.1bn.

This also comes as Vistry has managed to secure new land and development opportunities totalling 8,225 mixed tenure homes across 32 sites in this period, which compares to 6,561 homes in H1 2023.

Vistry chief executive, Greg Fitzgerald, said that the group had delivered a “strong performance” in the first half, which underpins the board’s confidence in its expectations for the full year.

“Our partnerships model is significantly outperforming the broader housebuilding market and we are confident we will deliver over 18,000 completions for the full year and make progress towards our medium-term targets,” Fitzgerald commented.

“We look forward to working with the new Government to address the country's housing crisis and are extremely well placed to support its ambition of delivering the biggest boost to affordable housing in a generation.”

The new Chancellor, Rachel Reeves, confirmed in a speech yesterday that the Labour Government plans to bring back compulsory housebuilding targets alongside reforms to the current planning system.

Equity analyst at Hargreaves Lansdown, Aarin Chiekrie, said that these planning rules have “hamstrung the housebuilding industry for some time”.

Commenting on Labour’s commitments, Chiekrie said: “That’s brought some much-needed optimism to the sector and looks to be a tide that lifts all housebuilding ships. But longer-term, as mortgage affordability pressures ease and the housing market picks back up, other names in the sector are likely to catch more wind in their sails.”

Chiekrie added: “Vistry’s partnerships model helped it significantly outperform the broader housebuilding market over the first half of 2024. Partnerships involve teaming up with local authorities and housing associations to provide affordable housing.

“These partners foot most of the bill, reducing the group’s risk and freeing up cash to deploy elsewhere in the business. So far, that’s been a massive benefit to Vistry.”

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