Vistry Group (LSE:VTY) said first-half adjusted profit will be significantly lower as the business has accelerated sales of completed or near-completed Open Market homes, using incentives and discounts that bring earlier recognition of profit impacts.
It meanwhile expects second‑half profit to be in line with H2 2025 and full‑year adjusted profit before tax to be towards the middle of the range of analysts' forecasts.
The Group, the UK housebuilder, in an update ahead of today's AGM, reported a 32% year‑to‑date increase in its overall sales rate (2026: 1.20, 2025: 0.91), and a forward order book of £4.5bn (2025: £4.6bn) of which £2.3bn (2025: £2.1bn) is for delivery in the current year.
"The Board and our new CEO, Adam Daniels, remain fully committed to the Partnerships strategy and the key role our differentiated model can play in delivering the huge need for new housing across the country," Vistry said.
Management has prioritised cash generation, cutting finished inventory, tightening pricing on partner deals, slowing some builds, raising land‑buying hurdles and pausing the buyback, the company added.
It also noted that average daily net debt in H1 will be higher than last year, but the Group now expects to be net cash in excess of £100m at 31 December.
Vistry said partner transaction activity has been subdued during the SAHP transition, with SAHP 2026‑2036 bidding closed and grant notifications and partner status clarity expected in Q3, and that Adam Daniels' operational review findings will be published no later than the interim results on 24 September.
