CFO at Countryside Partnerships to take new role at Vistry
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Homebuilder Vistry appoints Tim Lawlor of Countryside Partnerships as head of finance after takeover
- Tim Lawlor, currently the CFO at homebuilder Countryside Partnerships that Vistry bought last month
- He replaces Earl Sibley, who will assume the position of Chief Operating Officer
- The changes to the board of directors will take effect from November 11th
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The UK’s Vistry Group has appointed Tim Lawlor as its next Chief Financial Officer.
Lawlor is currently the CFO at homebuilder Countryside Partnerships, which Vistry bought last month, replacing Earl Sibley, who will assume the position of chief operating officer.
The changes to the board of directors will take effect from November 11.
UK-based Vistry Group Plc has announced that Tim Lawlor will join the homebuilder as its next finance director
Sibley will remain CEO, while Graham Prothero will step down as Chief Operating Officer to assume the position of CEO of MJ Gleeson.
Prothero will remain with the group until December 31, focusing on the “effective transfer of his responsibilities.”
Vistry shares rose 0.93 percent Friday afternoon and traded at 544.50p.
In September, Vistry reported the The average selling price of one of its new-build homes rose 5 per cent to £369,000 in the first half, helping it offset rising construction costs and boosting profits by 14 per cent to £189.9 million.
The FTSE 250-listed homebuilder, which recently bought rival Countryside Partnerships for a £1.25bn deal, said it has sold 5,409 homes in the six months to June, up 5 percent from last year.
Adjusted sales rose 5.5 percent year-on-year to £1.3 billion.
It said it had strengthened its forward sales book, which was 10 per cent higher than last year to £2.3 billion.
However, the group, formerly known as Bovis Homes, said it saw some “early signs of settlement” in the land market “after a stronger period of demand.”
House prices have risen sharply since the start of the pandemic, boosting homebuilders’ profits, but there are signs of a cooling market as the cost of living crisis negatively impacts people’s finances .
Indeed, this week it was revealed that house prices were rising at the slowest pace since the start of the coronavirus crisis last month, with rising mortgage rates starting to bite.
New buyer inquiries fell for the fifth straight month and expectations for the coming year point to a slight price decline, according to the monthly survey by the Royal Institution of Chartered Surveyors (RICS).