Vistry Group

New CEO Adam Daniels says Vistry will reduce its annual build target from 20,000 to 12,000, shift a greater share of output to the north of England and tighten investment approval after overpaying for land and execution failures in the south. The group has trimmed its return on capital employed goal to 30% by 2031 and will shrink volumes to repair the balance sheet, though no fresh equity is currently required. Vistry still secured a £350m government grant to build 3,000 affordable homes, offering a potential cushion during the turnaround. » More on theguardian.com

Vistry reported a pre-tax loss of £661.3m for H1, hit by a £475m writedown and a £73m building-safety provision, and faces £220m of remaining unsold homes after heavy discounts. The group has slashed full-year adjusted profit guidance to £165m, launched further cost savings including job cuts and regional office closures, and plans to refocus on 12,000 homes a year while reducing its land bank from 51,000 to 36,000 plots. Vistry also secured £350m of government funding to build 3,000 affordable homes but said weaker summer private-sales and cost inflation pushed debt higher and pressured cash generation. » More on theguardian.com

A planning conditions dispute at the Prospect Place development has prevented Vistry from handing over completed homes, prompting buyer Simon Hawking to cancel his shared-ownership purchase and incur unexpected expenses. Platform Housing Group has reimbursed some legal and mortgage costs, but Hawking says other losses such as non-transferable mortgage benefits and storage fees remain unpaid. Vistry and North Northamptonshire Council say they are working to satisfy pre-occupation requirements and progress handovers as soon as possible. » More on yahoo.com