Vistry Group: Unscheduled trading update noting H1 PBT expected to be a loss of £30m; CFO resignation also announced

研报英文原文证据摘录

Vistry Group: Unscheduled trading update noting H1 PBT expected to be a loss of £30m; CFO resignation also announced

o be a loss of £30m) this implies a material step-up needed

in H2 and so we still see earnings risk (and also as mentioned above, this guidance Specialist Sales contact details:

is before any impact from its CEO review). Sam Edmunds - Specialist Sales -

European Industrials

(44-20) 7742-8733

sam.edmunds@jpmorgan.com

• Noteworthy Areas: 1) Vistry’s sales rate for H1 was 1.03, similar to last year's

1.01; 2) The average level of discounting from book price on private sales was

7.1% (H1 25: 1.4%); 3) H1 completions came at 6,100 (H1 2025: 6,889) of

which over half were affordable housing; 4) PBT is expected at £20m in H1

excluding the impact of cash generation actions, and -£30m including these

impacts; 5) The CEO Review process is expected to lead to further one-off

profit impacts; 6) PBT is seen at £200m on a FY basis; 7) Net debt at 30 June

2026 was £470m and average daily net debt in H1 was £799m. Land creditors

is expected to have reduced by over £150m during the half year; 8) Vistry

remain confident of achieving net cash in excess of £100m at year end and are

targeting average daily debt of below £650m in H2 (versus £771m in H2 2025)

to bring full year average daily debt below last year, despite the higher average

daily debt levels in H1; 9) Build cost inflation is stabilising at around 3-4%

having seen some upward movement in H1 as a result of political and economic

uncertainty; 10) The company sees annual overhead savings of c.£25m from

its voluntary exit scheme; 11) Order book is at £3.9n, with the company 80%

forward sold for FY26.

• Outlook & Guidance: The Board expects that adjusted profit before tax for