Adjusted to include contributions of joint ventures and exclude exceptional expenses and amortisation, it fell 8.4% to GBP174.0 million from GBP189.9 million. Revenue increased 33% to GBP1.58 billion from GBP1.19 billion on a statutory basis, and 31% to GBP1.78 billion on an adjusted basis. Statutory net debt was GBP328.7 million at the end of June, down from net cash of GBP115.0 million. Administrative expenses, including exceptional items, increased 73% to GBP153.9 million while exceptional expenses decreased 61% to GBP28.1 million. Share of JVs and associate gross loss widened to GBP35.3 million from GBP30.9 million. Vistry meanwhile said it plans to focus operations on its "high return, capital light, resilient partnerships model" by merging its Housebuilding and Partnerships businesses before the end of this year. It expects this to result in "a significant release of capital" and, in the medium term, will target revenue growth of 5 to 8% and a 40% return on capital employed.