Vistry cuts its profit outlook and plans a smaller regional network

Vistry ($VTY) reported a £661.3 million first-half pre-tax loss, including a £475 million goodwill impairment and £73.2 million in building-safety provisions. Revenue fell 13% to £1.42 billion, while the adjusted pre-tax result swung to an £83.3 million loss. The figures show operating weakness alongside substantial exceptional charges.

The housebuilder plans to reduce its regional businesses from 25 to 12 and operate around an annual volume of 12,000 homes. It is targeting an additional £50 million in annual savings alongside an existing £25 million program. Expected full-year adjusted pre-tax profit, excluding strategic-review items, was reduced to £165 million from £200 million. Management does not anticipate an equity raise.

Sources:

• Alliance News / AJ Bell — corrected Vistry results and strategy