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Vistry is forecasting improved profit of around 拢415m in 2022, following strong forward sales and rising prices.

The housebuilder, in a trading update for the calendar year to date, said its adjusted pre-tax profit 鈥� which excludes exceptional items 鈥� will be at the top end of its previous forecast range of 拢396.3m to 拢415m. Last year it reported adjusted pre-tax profit of 拢346m and total pre-tax profit of 拢319.5m.

Vistry also said it expects its profit margins in both its housebuilding and partnerships divisions to be ahead of its previous targets.

The firm said its average weekly private sales rate is 0.86, 15% higher than for the same period the previous year, while mixed-tenure forward sales increased 28.9% to 拢2.5bn. It said 83% of its total forecast units for 2022 have now been secured.

Greg Fitzgerald, chief executive of Vistry, said: 鈥淢aterials supply issues have eased and while we continue to see build cost inflation in line with previous assumptions, this is being more than offset by price increases.

鈥淎s a result, we are trading ahead of expectations and expect our margins for both Housebuilding and Partnerships in 2022 to exceed our previous targets.鈥�

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Vistry also said its decision to sign Michael Gove鈥檚 building safety developer pledge, under which it will spend an extra 拢35-拢50m to remediate its blocks, will also cost it between 拢1.5m and 拢3m in extra administrative expenses.

Vistry鈥檚 new chair, former pub company boss Ralph Findlay, will take over the hotseat today following the group鈥檚 annual general meeting.

Findlay has been on the board of Vistry and predecessor Bovis Homes since 2015. He previously worked at pub and hotel chain operator and former brewer Marstons for 26 years, serving as chief executive for 20 years and finance director for six.

Vistry also today announced the appointment of Rowan Baker, group financial officer at Laing O鈥橰ourke, to its board as a non-executive. Before joining O鈥橰ourke in 2020, she was previously chief financial officer of retirement housebuilder McCarthy & Stone.