Vistry’s first-half underlying revenue fell 9% to £1.7bn. This was driven by an 8% drop in completions to 6,304 new homes.
The group recorded an underlying pre-tax loss of £83mn, compared with a profit of £81mn last year, reflecting increased discounting and initial costs from the CEO review.
Net debt increased from £293mn to £469mn, while money owed to land creditors fell 12% to £871mn. Vistry now expects a broadly neutral net cash position at year-end, down from previous guidance for more than £100mn.
Full-year underlying pre-tax profit is expected to be around £165mn. Subject to stable market conditions, management expects this to improve to around £185mn in 2027.
Vistry plans to reduce its regional operations from 25 to 12 and target around 12,000 annual completions over the medium term.
The shares fell 7.6% in early trading.
Our view
HL view to follow.
Vistry key facts
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