VTY: One step forward, three steps back

研报英文原文证据摘录

VTY: One step forward, three steps back

EQUITY RESEARCH QUICK TAKE

RBC Europe Limited

Anthony Codling (Analyst)

Oliver Dyson (Analyst)

July 8, 2026

Vistry

One step forward, three steps back

LSE: VTY | GBp 252.40 | Underperform | Price Target GBp 180

Sentiment: Negative

Our View

Progress is being made, but uncertainty remains. Vistry's new CEO is midway through his review of what needs to change to get

Vistry back on track. However, the Group is not yet in a position to quantify the costs of the actions that need to be taken. Profits

for the first half are lower than expected, but full year guidance is unchanged suggesting that H2 needs to be bigger and better

than the market expects, perhaps this is a tall order with internal restructuring as well as big changes at the top of their biggest

customer (the UK Government). Adding to the challenges CFO Tim Lawlor has announced his resignation and he will leave the

Group in October. There is a conference call at 08:00 this morning, and we expect weakness in the shares today as we believe that

there are downside risks to estimates as the strategic review continues. We think things could get worse before they get better.

Strategy — CEO Review Initial Conclusions

Adam Daniels has shared initial conclusions from his strategic review, with full findings to be presented on 24 September 2026.

Three pillars underpin the repositioning:

Operational delivery. Historical analysis reveals significant variance in profitability and return on capital by region. The Group

intends to develop a more focused regional footprint, concentrating development activity on sites and relationships best suited

to the partnerships model. A Voluntary Exit Scheme alongside tighter recruitment controls is expected to deliver annual overhead