Sparks

Vistry Group (LON: VTY) trading well, but cost overruns to affect profit

Vistry has discovered that there are significant cost overruns on nine of its 46 developments in its Southern Division. This implies an £80m reduction in expected profit in FY24, from c £430m to c £350m, and reductions of c £30m and c £5m in the subsequent years. Despite this headwind, the company is confident that it will deliver in excess of 18,000 units in FY24, and targets a net cash position. Furthermore, it remains committed to its £130m share buyback programme, its £800m medium-term profit target and £1bn capital distribution.

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16.10.24

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