Vistry Faces Third Profit Warning in Three Months, Shares Hit Two-Year Low

The UK housebuilder cites delays and unattractive deal terms for its reduced profit forecast, further eroding investor confidence.

Vistry has lowered its 2024 pre-tax profit forecast to £250 million, down from earlier guidance of £300 million, marking its third profit warning since October.
The company's shares dropped 17% to their lowest level since October 2022, following its recent relegation from the FTSE 100 index.
Delays in completing housing developments and transactions, as well as the decision to abandon some deals due to unfavorable terms, contributed to the profit downgrade.
Vistry's earlier profit warnings stemmed from understated build costs in its southern division, which led to a £165 million reduction in expected profits over two months.
CEO Greg Fitzgerald acknowledged the challenges of 2024 and emphasized a commitment to rebuilding profitability and addressing the UK's housing shortage in 2025.