Overview
- Vistry told shareholders on Thursday that an internal review found about £475m of overvalued assets, producing a £661.3m pre-tax loss for the six months to June and prompting immediate restructuring.
- The new chief executive has ordered the regional network to shrink from 25 to 12 offices, will exit some open‑market sales in the South East, and plans to cut medium‑term annual completions to roughly 12,000 homes.
- The group increased its building‑safety provision by about £73m for high‑rise remediation and said a landbank revaluation will reduce full‑year profits by roughly £250m, lowering adjusted profit guidance to about £165m.
- Workforce and site impacts are already material with around 350 departures since summer and further redundancies and site closures expected as the company seeks £50m of annual savings.
- Vistry says it does not expect to raise fresh equity immediately because lenders have waived covenants and a £350m affordable‑housing grant offers partial support, but its shares have fallen sharply and further write‑downs could follow.