Source: Sharecast
The company said it now expected adjusted profit before tax for the year to December 31 to be around £250m, compared with previous guidance of £300m. It blamed this time delays to expected year-end transactions and completions.
Vistry said a number of agreements with partners had taken longer to conclude and forecast these to be finished in fiscal 2025 and also pulled a number of proposed deals where the commercial terms on offer “were not sufficiently attractive”.
It downgraded guidance in October, knocking £80m off the figure to around £350m, while in November this was reduced by another £50m. The warnings, followed by broker downgrades on the stock, sparked a slump in the share price.
Vistry said closing debt would be "in the region" of £200m, despite "significant" cash flow in the closing weeks of the year.
Hargreaves Lansdown analyst Matt Britzman said Vistry’s festive season "is anything but merry, with profit guidance sliding down the chimney once again".
"A troubling trend driven by a string of poor management decisions and forecasting missteps that have left investors feeling far from jolly. Even a late cash influx in December couldn’t light up the season," he said.
"As the year ends on a sour note, Vistry faces a long winter of rebuilding trust, leaving investors with little choice but to mull over their options."
Reporting by Frank Prenesti for Sharecast.com