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Vistry warned that its first-half profit will be “significantly lower” than last year and has paused its share buyback programme as the housebuilder increases incentives and discounts to accelerate sales and improve cash generation.
The partnerships-focused builder said trading since the start of 2026 has been affected by macroeconomic uncertainty that has increased since its results in March, with weaker market conditions weighing on the second quarter.
Vistry expects second-half profit to match the prior year, supported by an improved margin mix on active sites and stronger demand from affordable housing partners. The company said full-year adjusted pre-tax profit is expected to be around the middle of analysts’ forecasts.
Overall sales so far this year are up 32% to 1.20 sales per outlet per week, from 0.91 a year earlier. Vistry said open market sales rates remain around 30% ahead of last year.
However, the company noted that open market activity has moderated in recent weeks due to uncertainty linked to the Middle East conflict.
Vistry paused its share buyback programme as part of a wider effort to reduce debt. The group now expects to end 2026 with net cash of more than £100 million.
The company said improving cash generation and reducing debt remains its main priority for 2026. It plans to increase efforts to sell completed and near-completed homes, apply tighter discipline on partner deals, and slow build rates on some sites.
Vistry also said it has adopted stricter hurdles for land purchases while market conditions remain volatile.
While first-half average net debt is expected to rise due to higher land payments and slower completions, Vistry said these measures should deliver “significantly lower” debt levels in the second half.
Activity from affordable housing partners has been “relatively subdued” as the sector transitions between funding programmes. Vistry said demand is expected to increase later in 2026 after grants under the government’s new Social Affordable Housing Programme are confirmed in the third quarter.
New chief executive Adam Daniels, promoted from a regional CEO role last month, is leading an operational review, with findings due alongside interim results in September.
The board and Daniels said they remain “fully committed” to the group’s differentiated model, which focuses more on its partnerships strategy than rivals.
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