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VTY 16:01

Vistry Group PLC

Director/PDMR Shareholding

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VTY 06:01

Vistry Group PLC

Trading update

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Here is a summary of the key points from the trading update provided by Vistry Group PLC

The Group has released a trading update for the period from July 1, 2024, to November 7, 2024, and an update on the issues within its South Division.

Independent and internal reviews regarding the South Division issues found additional profit impacts of £25 million in FY24, £20 million in FY25, and £5 million in FY26, totaling £165 million. The issues primarily relate to sites from the former Housebuilding business.

The Groups year-to-date sales rate is significantly higher than the previous year, despite slower market conditions in September and October.

Vistry Group expects to deliver an adjusted profit before tax of approximately £300 million in FY24, reflecting the additional impact from the South Division issues and reduced completion expectations.

The Group remains committed to its Partnerships strategy, medium-term targets, and capital distribution policy, but the timeframe for delivery is under review.

The independent review of the South Division issues focused on cost reporting, culture, and management, and found that the issues were confined to the South Division, attributed to insufficient management capability, non-compliant forecasting processes, and poor divisional culture.

The Group now expects the impact on adjusted profit before tax from the South Division issues to total £105 million in FY24, £50 million in FY25, and £10 million beyond FY25.

Management and the Board have developed proposals to address the issues, including organizational changes, enhanced commercial assurance, improved training and support, and a focus on culture and whistle-blowing.

The Groups average weekly sales rate has increased by 42% year-to-date, but the market has been quieter in September and October due to partner activity slowdowns and borrowing rate reductions.

Vistry Group expects total completions of approximately 17,500 units in FY24, with a similar total average selling price to the previous year.

The Group will be cash-generative in the second half of FY24 and expects a significant reduction in net debt from the half-year position of £322.0 million, with net debt as of December 2024 expected to be lower than the prior year.

Vistry Group is reviewing its Building Safety provision due to potential additional buildings and scope changes, but does not expect a material annual net cash impact in future years.

The Group has a strong forward sales position of £4.8 billion, supporting FY25 delivery and beyond. However, growth in FY25 will be influenced by the stabilization of the South Division and market conditions.

Vistry Group remains committed to its capital-light Partnerships model and medium-term targets, including the distribution of £1 billion to shareholders, but is reviewing the timeframe for achieving these targets.

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VTY 16:01

Vistry Group PLC

Director/PDMR Shareholding

Open AI Digest

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<mark style="background-coloryellow">Purchase</mark> of shares

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VTY 06:01

Vistry Group PLC

Trading update

Open AI Digest

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Return to today’s catalyst cards, chart beacons and AI charts.

Here is a summary of the key points from the trading update provided by Vistry Group PLC

The Group has released a trading update for the period from July 1, 2024, to November 7, 2024, and an update on the issues within its South Division.

Independent and internal reviews regarding the South Division issues found additional profit impacts of £25 million in FY24, £20 million in FY25, and £5 million in FY26, totaling £165 million. The issues primarily relate to sites from the former Housebuilding business.

The Groups year-to-date sales rate is significantly higher than the previous year, despite slower market conditions in September and October.

Vistry Group expects to deliver an adjusted profit before tax of approximately £300 million in FY24, reflecting the additional impact from the South Division issues and reduced completion expectations.

The Group remains committed to its Partnerships strategy, medium-term targets, and capital distribution policy, but the timeframe for delivery is under review.

The independent review of the South Division issues focused on cost reporting, culture, and management, and found that the issues were confined to the South Division, attributed to insufficient management capability, non-compliant forecasting processes, and poor divisional culture.

The Group now expects the impact on adjusted profit before tax from the South Division issues to total £105 million in FY24, £50 million in FY25, and £10 million beyond FY25.

Management and the Board have developed proposals to address the issues, including organizational changes, enhanced commercial assurance, improved training and support, and a focus on culture and whistle-blowing.

The Groups average weekly sales rate has increased by 42% year-to-date, but the market has been quieter in September and October due to partner activity slowdowns and borrowing rate reductions.

Vistry Group expects total completions of approximately 17,500 units in FY24, with a similar total average selling price to the previous year.

The Group will be cash-generative in the second half of FY24 and expects a significant reduction in net debt from the half-year position of £322.0 million, with net debt as of December 2024 expected to be lower than the prior year.

Vistry Group is reviewing its Building Safety provision due to potential additional buildings and scope changes, but does not expect a material annual net cash impact in future years.

The Group has a strong forward sales position of £4.8 billion, supporting FY25 delivery and beyond. However, growth in FY25 will be influenced by the stabilization of the South Division and market conditions.

Vistry Group remains committed to its capital-light Partnerships model and medium-term targets, including the distribution of £1 billion to shareholders, but is reviewing the timeframe for achieving these targets.

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