Source: Sharecast
Excluding those actions, Vistry said underlying pre‑tax profist would have been about £20m. It also stated the it expects FY26 adjusted pre‑tax profits to be in line with current consensus estimates, at around £200m, excluding any impact from its ongoing CEO review.
Private‑sale discounting widened sharply to 7.1% in H1 from 1.4% a year earlier, while the sales rate held broadly steady at 1.03. Profits were hit by lower partner‑deal volumes following a hiatus in funding programmes, the timing of land sales and higher finance costs.
Cash‑generation actions had a £50m negative impact on H1 profits, including one‑off impairments on low‑margin sites, while further one‑off effects were expected from the CEO review.
Despite softer open‑market conditions in Q2, Vistry said it expects a materially stronger second‑half profit performance, supported by higher volumes, SAHP allocations, delayed transactions completing, lower overheads, land‑sale profits and improved site mix.
Separately, Vistry announced that chief financial officer Tim Lawlor would step down from his role and and the leave the group to take up a role in a large privately-owned business in a different sector. He will remain with the company until October to support an orderly transition and handover of responsibilities.
As of 0815 BST, Vistry shares were down 5.78% at 237.80p.
Reporting by Iain Gilbert at Sharecast.com
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