The house builder has revealed the impact of cost inflation and labour shortages but sees demand for homes remaining buoyant - and has raised its profit forecast.
Targets were reduced to more manageable levels and staff retention levels improved after a drive to boost morale and working conditions.
The enlarged business was rechristened Vistry Group, taking the 'vis' from Bovis and the 'try' from Galliford Try, with all set fair for further growth.Building sites and sales centres were closed and, when they reopened, social distancing protocols had to be introduced that cut productivity and increased costs.The latest half year results, published today, will provide reassurance to shareholders that normal service has been resumed.
Vistry also increased the size of its land bank by 5,642 plots during the period and Mr Fitzgerald said today he was confident the company would achieve an operating margin in housebuilding of 25% in the medium term. "But our construction teams - you have to take your hat off to them, not just in Vistry, but across all housebuilding businesses - are, to use a technical term, 'ducking and diving' well and really managing the supply chain exceptionally well.
"It's incredibly difficult but we're a good builder, we've had to change our practices, we're having to order materials way in advance of when we would normally do it. He said the cost of timber had spiked in recent months but was confident this would come down before long.
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