Vistry’s half-year profit rises, flags early signs of easing in market

(Reuters) -Vistry Group Plc on Thursday reported a 14.3% rise in half-year profit, although the homebuilder said it is seeing early signs of an easing in the land market.

The UK housing sector has shown signs of losing some heat and surveyors have reported fewer new-buyer inquiries in recent months, with HSBC warning of an imminent downturn amid soaring inflation and rising interest rates.

Vistry, which is set to become the No. 3 housebuilder in the UK after agreeing to buy Countryside, maintained its profit outlook for the full year.

The FTSE 250 firm said it continues to enjoy robust demand in its Partnerships business, and reported a 5.5% increase in its group adjusted revenues for the six months ended June 30.

Vistry’s adjusted pre-tax profit for the half year was 189.9 million pounds ($218.67 million), compared with 166.1 million pounds reported a year earlier.

($1 = 0.8684 pounds)

(Reporting by Aby Jose Koilparambil and Sinchita Mitra in Bengaluru; editing by Uttaresh.V)