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Vistry Group Vistry Group PLC - Half year results Vistry Group PLC ( the “ Group ” ) is today issuing its results for the six - month period ended 30 June 2021 . First half highlights Strong H1 performance significantly ahead of our expectations supported by successful operational integration and positive customer demand 7 September 2021 ● ● ● ● ● ● ● ● 1 2 3 HBF Customer Satisfaction Rating maintained at 5 - star , with further improvement in the latest quarterly data Good progress across all areas of the Group's sustainability strategy including commitment to targets required to limit warming to 1.5 ° C Group adjusted revenues¹ increased to £ 1,259.4m , 4.3 % ahead of H1 19 proforma revenues Step - up in Housebuilding adjusted gross margin² to 21.8 % ( H1 20 : 14.1 % ) Rapid growth in Partnerships higher margin mixed tenure revenues to £ 163.9m ( H1 20 : £ 88.2m ) , with Partnerships adjusted operating margin³ increasing to 9.1 % ( H1 20 : 4.0 % ) , firmly on track for 10 + % in FY 22 Group adjusted profit before tax4 increased to £ 166.1m ( H1 20 : £ 10.3m ) On a reported basis Group profit before tax increased to £ 156.2m ( H1 20 : £ 12.2m loss ) Growth in owned landbank size with the addition of 5,642 new plots in the period , combined with investment in 4,660 strategic land plots Strong cash generation resulting in net cash position of £ 31.6m³ as at 30 June 2021 as compared to H1 20 net debt position of £ 357.3m Current trading and outlook Customer interest and sales trends remain positive into the second half Group return on capital employed increased to 19.4 % ( FY 20 : 14.4 % ) with Partnerships achieving a return on capital employed well in excess of 40 % Interim dividend of 20 pence per share ( 2020 : nil ) Strong Group forward sales position of £ 3bn ( September 2020 : £ 2.7bn ) , with 96 % of forecast FY 21 total Housebuilding units and Partnership mixed tenure units secured House price inflation more than offsetting cost increases with supply chain issues being well managed Adjusted revenue includes share of joint venture revenue Adjusted gross profit and margin includes share of joint venture gross profit and other operating income Adjusted operating profit and margin is calculated to include the proportional contribution of joint ventures and excludes exceptional expenses and amortisation of acquired intangibles 4 Adjusted profit before tax is stated excluding exceptional items and amortisation of acquired intangibles 5 Net cash / debt is quoted excluding IFRS16 lease liabilities and includes £ 6.9m impact from the fair value of future interest payments on US Private Placement notes 6 Return on capital employed ( " ROCE " ) is defined as adjusted operating profit for the last 12 months divided by the average of opening and closing adjusted capital employed for the 12 - month period . Adjusted capital employed is calculated as net assets excluding net cash or debt less goodwill and intangible assets . 1