- Vistry Group is under market pressure, according to a trading update from the London Stock Exchange.
Housebuilder Vistry Withdraws from South East Market Amid Financial Crisis
5 reports, 2 independent
Updated Thu 00:00
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What happened
Housebuilder Vistry announced it is withdrawing from the South East market. The company is undergoing a major operational overhaul, reducing its regional operations from 25 to 12 and exiting the private home sales market in the South East. This move comes as Vistry faces severe financial pressure, including a half-year pre-tax loss of £661.3 million for the six months ending June 30.
Why it matters
The financial difficulties are leading to further job losses among Vistry’s workforce of around 4,150. The company is also facing a full-year outlook cut, guided to around £165 million from a previous forecast of £200 million, excluding significant write-downs.