REG - Vistry Group PLC - Trading Update

VistryAnnouncement

24/12/2024 07:00

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RNS Number : 1928R  Vistry Group PLC  24 December 2024

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

FOR IMMEDIATE RELEASE

24 December 2024

Vistry Group PLC

Trading update

Vistry Group announces that it expects adjusted profit before tax for FY24 to
be c. £250m, compared with the Group's previous guidance of c. £300m,
primarily due to delays to expected year-end transactions and completions.

The Group has seen a number of agreements with its partners which were
expected to complete in FY24 take longer to conclude, and now expects these
transactions to complete in FY25.  In addition, the Group has chosen not to
proceed with a number of proposed transactions where the commercial terms on
offer were not sufficiently attractive.  The Group believes more attractive
options will be available in FY25.  We have also seen a delay to some open
market completions expected in FY24 which has, to a lesser extent, contributed
to the profit impact.

We have continued to see good demand from our partners in Q4 and have
concluded more than 70 Partner Funded transactions with a range of 35
partners, including Registered Providers, Local Authorities and PRS providers.

There has been a significant cash inflow in the closing weeks of the year but
the delayed income described above means that we now expect closing net debt
to be in the region of £200m.

The Group will report a full trading update for the year ended 31 December
2024 on 15 January 2025 which will be accompanied by a call for analysts and
investors.

Greg Fitzgerald, Executive Chairman and Chief Executive said:

"Today's announcement and the financial outcome for FY24 is disappointing.
Our top priority for 2025 is to continue building and delivering high quality
mixed tenure new homes for our partners and private customers, and to do our
part in addressing the country's acute housing shortage.  We remain committed
to our partnership housing strategy and are firmly focused on positioning the
business to move forwards and rebuild profitability.  I would like to thank
all our employees, our partners and our suppliers for their enormous hard work
and commitment over what has been a challenging past few months."

 Vistry Group PLC

 Tim Lawlor, Chief Financial Officer             020 3048 3393

 Susie Bell, Group Investor Relations Director

 FTI Consulting

 Richard Mountain / Susanne Yule                 020 3727 1340

 

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