Housebuilder says 2024 figure will be around 拢250m, having originally predicted 拢430m
Vistry has issued its third profit warning in the past three months, meaning it has cut its pre-tax profit forecast by more than 40% since October.
The housebuilder, which is , said pre-tax profit will be 拢50m less than previously expected when it announces its 2024 numbers in the spring.
In the update, made on Christmas Eve, the firm said it now expected pre-tax profit to be around 拢250m 鈥� 拢50m less than the 拢300m it was previously expecting.
The 拢300m figure was already a fall from the 拢350 it had said it would be make - which itself was down from the previous figure of 拢430m.
Explaining the original profit warning in October, the firm said the cost of completing nine schemes in the South region would be 10% higher than expected.
>> See also: How worried should the industry be about Vistry?
The issues were blamed for the second profit warning the following month 鈥� which also saw the firm announce chief operating officer Earl Sibley would be leaving at the end of last year 鈥� and in the Christmas Eve update, Vistry said the latest fall was 鈥減rimarily due to delays to expected year-end transactions and completions鈥�.
It added: 鈥淭he Group has seen a number of agreements with its partners which were expected to complete in FY24 take longer to conclude, and now expects these transactions to complete in FY25.
鈥淚n addition, the Group has chosen not to proceed with a number of proposed transactions where the commercial terms on offer were not sufficiently attractive. The Group believes more attractive options will be available in FY25. We have also seen a delay to some open market completions expected in FY24 which has, to a lesser extent, contributed to the profit impact.鈥�
It is expected to make a further update in a scheduled trading statement 15 January ahead of its annual results being released on 6 March.
No comments yet