VTY: Not the best of starts

Research evidence excerpt

VTY: Not the best of starts

pointed to turn the business

around; if everything was rosy in the garden of Vistry, there would have Revenue: £m

been no need to uproot the previous CEO and Chairman and appoint Mr EPS,TBVPS:AdjGBpBasic: GBp

Daniels. Why not take the opportunity to suggest that changes at the top Adj Op Profit (M): £m DPS: GBp

of their biggest client (the UK Government) may slow the deployment of All market data in GBp; all financial data in GBP; dividends paid in GBp.

the Social and Affordable Housing Programme? Why report that market Priced as of prior trading day's market close, EST (unless otherwise noted).

conditions declined in Q2 without suggesting this might have a negative

knock on impact on Q3 and Q4? This was his opportunity to score a goal

from the penalty spot whilst there was no goalkeeper between the posts.

This was not just a missed goal, it was an own goal.

Why go early?

We are also surprised Vistry chose to report to the market before the CEO

had completed his strategic review. In our view the market was willing to

give Mr Daniels time to complete it. The ball was in his court, he didn't need

to serve it today. We appreciate that the news of CFO Tim Lawlor resigning

would most likely have hit the share price (now is not the time to be absent

a CFO), but wrapping that news in trading and partial strategy update has

not softened the blow, and has given the impression that Vistry is reacting

to events rather than creating them.

Some good news

The lending syndicate is supportive and that there were no plans for an

equity raise, and more than 95% of staff turned down an opportunity to

leave: Mr Daniels has won hearts and minds. The big picture sounded

positive, and the destination is attractive, all that is missing is the detail of