Tim Lawlor has been appointed as the new chief financial officer of Vistry Group, a British company.
Lawlor is the current CFO of the homebuilder Countryside Partnerships, which Vistry acquired last month. He succeeds Earl Sibley, who is accepting the role of a chief operating officer.
The alterations to the board of directors will take effect on November 11.
Sibley will continue to serve as a board director, while Graham Prothero will assume the role of chief executive officer of MJ Gleeson.
Prothero will continue to work with the organization until December 31, focusing on the “effective transfer of his responsibilities.”
At lunchtime on Friday, Vistry shares were up 0.93 percent, trading at 544.50p.
Vistry stated in September that the average selling price of one of its newly-constructed homes grew 5% to £369,000 in the first half, allowing it to offset rising building costs and achieve a 14% increase in profits to £189.9million.
The FTSE 250-listed homebuilder, which recently acquired rival Countryside Partnerships in a $1.25 billion deal, reported that it sold 5,409 homes in the six months leading up to June, a 5% increase over the previous year.
Adjusted revenue increased 5.5% year-over-year to £1.3 billion.
It stated that it had improved its forward sales book, which was up 10% from the previous year to £2.3 billion.
The firm, formerly known as Bovis Homes, reported noticing “early signs of stabilizing” in the land market “after a period of increased demand.”
Since the beginning of the pandemic, housing prices have climbed dramatically, boosting housebuilders’ profits, but there are signs that the market is beginning to cool as the cost of living problem takes its toll on people’s budgets.
Indeed, it was reported last week that house prices climbed at the slowest rate since the beginning of the coronavirus outbreak a month ago, as rising mortgage rates began to bite.
According to a monthly poll conducted by the Royal Institution of Chartered Surveyors (RICS), new buyer inquiries have decreased for the fifth consecutive month, and pricing forecasts for the coming year indicate a modest decline.
