Vistry shares crash 30% after profit cut over cost issues By Investing.com
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Oct 08 2024
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Source: Investing.com
Vistry Group's Profit Guidance Cut: Vistry Group Plc's shares fell by 30% after the company revised its profit guidance for FY2024 downwards due to underestimated costs in nine developments within its South Division, leading to an expected £80 million reduction in profits.
Management Changes and Future Outlook: The company has initiated management changes in the affected division and commissioned an independent review to prevent similar issues. Despite these setbacks, Vistry remains confident in the overall health of the Group and aims for over 18,000 unit completions in FY24 while reaffirming its share buyback program.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
