Vistry Group PLC (BVHMF)
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Vistry warns on profits after underestimating build costs
Vistry Group PLC (LSE:VTY) warned that its profits will be lower than expected after it emerged that the total build costs for nine housing developments at its South division had been understated by around £115 million, or 10%. The FTSE 250-listed housebuilder said there would be an impact on group profit over the next three years, with a hit of roughly £80 million in the current year, £30 million for next year and £5 million for 2026.
Vistry has ‘won over sceptics' in move to partnership model
Today's first-half results from Vistry Group PLC (LSE:VTY) offered further vindication of the housebuilder's strategic pivot to a partnership model at the turn of the decade, according to analysts. Vistry commands a unique position in the UK housebuilding sector in that three quarters of its house completions are done through ‘partnerships'.
Vistry unveils buybacks as profit ticks up
Vistry Group PLC (LSE:VTY) has unveiled plans to buy back £130 million worth of shares after profit climbed over the first half of the year. Respective £55 million ordinary and £75 million special buybacks were announced in the housebuilder's interim results on Thursday.
Vistry's sales under microscope as road ahead clears for housebuilders
Vistry Group PLC (LSE:VTY)'s interim results on Thursday, September 5 come as fortunes finally look to be improving for housebuilders. Following an interest rate cut in early August and a coinciding drop in mortgage rates, the housing market appears to be on the road to recovery, with data more recently showing mortgage approvals and credit up in July.
Vistry anticipates biggest boost to affordable housing ‘in a generation'
Vistry Group PLC (LSE:VTY)'s chief executive Greg Fitzgerald reckons the big-cap housebuilder is in a prime position to support the Labour government's ambition “of delivering the biggest boost to affordable housing in a generation”. His comments came in the FTSE 100-quoted housebuilder's first-half trading update which showed total completions up 7% year on year to 7,750 units in the period.
Vistry to open post-election housebuilding season
Vistry Group PLC (LSE:VTY) has the honour of being the first housebuilder to report post-election and given it has already been bigging up its social partnership activity, expect a jaunty update. Sales rates in the year to mid-May were 0.96 (prior year 0.87) and the last reported order book was £4.9bn.
Vistry signs £580m partnership deal with Blackstone, Regis
Vistry Group PLC (LSE:VTY) announced a £580 million partnership deal to build 1,750 homes for the private rented sector in south-east England, with first homes ready later this month. The deal is with Blackstone and Regis, whose Leaf Living PRS housing arm would manage the portfolio of sites.
