Vistry reduces profit forecast by further £50m as ‘poor divisional culture’ blamed for underestimated build costs

By Carl Brown2024-11-08T12:14:00

Second profit warning in a month for housebuilder as it reveals results of review into issues in its south division

Vistry has said the hit to its profit from under-estimated build costs will be £50m more over three years than it previously announced.

The housebuilder, following an internal review into issues in its south division which first came to light last month, now expects the problems to reduce its adjusted pre-tax profit by £165m over three years, instead of £115m as it estimated last month.

Already registered? Login here

To continue enjoying Building.co.uk, sign up for free guest access

Existing subscriber? LOGIN

Stay at the forefront of thought leadership with news and analysis from award-winning journalists. Enjoy company features, CEO interviews, architectural reviews, technical project know-how and the latest innovations.

Limited access to building.co.uk
Breaking industry news as it happens
Breaking, daily and weekly e-newsletters

Get your free guest access SIGN UP TODAY

Subscribe now for unlimited access

Subscribe to Building today and you will benefit from:

Unlimited access to all stories including expert analysis and comment from industry leaders
Our league tables, cost models and economics data
Our online archive of over 10,000 articles
Building magazine digital editions
Building magazine print editions
Printed/digital supplements

Subscribe now for unlimited access.

View our subscription options and join our community