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Shares in Vistry Group PLC rose on Wednesday after the housebuilder reported ‘strong demand’ in 2022 to date.
Shares were up 7.0% at 860.00 pence in London on Wednesday, making it one of the best performing mid-cap stocks in mid-morning trading.
Vistry, ahead of its annual general meeting being held on Wednesday, said it has seen an average weekly private sales rate of 0.86 since the start of 2022, up 15% on a year before.
Along with demand remaining robust, the firm added that price increases are continuing to more than offset build cost inflation.
‘Given the positive trading in the year to date and in particular the strong price increases, we expect margins in both Housebuilding and Partnerships in 2022 to be ahead of our previous 2022 targets,’ the company said.
While noting an uncertain backdrop, the firm said it now expects adjusted pretax profit for 2022 to be at the top end of market forecasts. It placed the top of end of these forecasts at £415.0 million, which would be up 20% from £346.0 million generated in 2021.
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