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Sparks commentary

Industrials

Sparks

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

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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