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24.09.26 - 18:36
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Vistry is the laggard in a housebuilding sector full of cracks | Nils Pratley (The Guardian)
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Group shrinks ambitions from 20,000 to just 12,000 homes a year in an attempt to balance the booksThe entire housebuilding sector is in a funk, grumbling about energy prices, the cost of labour, regulation, planning delays, taxes and more, but few have messed up a bad hand quite like Vistry. Three years ago this mashup of the Bovis, Linden and Countryside brands aspired to build 20,000 houses a year, and made itself the darling of the incoming Labour government by betting big on “affordable mixed-tenure housing” in partnership with councils, housing associations and institutional landlords.The City, too, fell for former executive chair Greg Fitzgerald's promise that a “capital light” approach of pre-selling homes via a partnership model would yield oodles of cash. The share price doubled to almost £14 between October 2023 and August 2024. Continue reading......
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24.09.26 - 11:18
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Housebuilder Vistry slashes profit forecasts as losses balloon (The Guardian)
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Firm unveils further cost-cutting plan including job losses blaming poor summer sales of private homesBusiness live – latest updatesVistry Group, one of Britain's biggest housebuilders, has slashed its annual profit expectations after half-year losses ballooned as it grappled with a £600m pile of unsold homes.Adam Daniel, the new chief executive of the Bovis Homes and Countryside owner, insisted that “the issues can be fixed”, as he set out a detailed turnaround plan that involves pulling out of private sales in south-east England and slimming operations to turn Vistry into a more focused, 12,000-homes-a-year builder. Continue reading......
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