Vistry Group

VTY · Main Market · Consumer Products and Services · mcap £696m · 218.8p

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Financials · balance sheet 30 Jun 26 · last twelve months · today’s market value

Source: results 24 Sep 26 ↗

Key figures Cash & debt Profit & cash flow Valuation Returns & quality Latest half-year

Market cap: £696.7m
Owner’s net cash: −£468.8m
Net cash / market cap: -67%
EV ex leases: £1,165m
Revenue: £3,396m
Operating profit: −£459.7m
Free cash flow after leases: −£72.1m
FCF yield: -10.3%
Price / tangible book: 0.34×
ROCE: -11%
Net income (owners): −£500.3m

Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

Key figures As reported

Income statement Balance sheet Cash flow

Annual Half-yearly

Standardised line items in £m, comparable across companies; when a later report restated a period, the later figure is shown and marked ^r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.

Latest report: H1 26 (six months to 30 Jun 26), published 24 Sep 26 · read the results ↗

Source ↗

	2026	2025
Revenue*	233.5	1,869.1
Cost of sales	(1,488.9)	(1,476.8)
Gross (loss)/profit	(70.7)	158.8
Administrative expenses	(114.1)	(109.8)
Other expenses	-	(12.8)
Amortisation of acquired intangible assets	(19.8)	(19.8)
Goodwill impairment 7	(475.0)	-
Other operating income	55.4	41.7
Operating (loss)/profit	66.3	124.4
Finance income	20.2	13.3
Finance expense	(53.0)	(45.8)
Net finance expense	(11.3)	(43.8)
Share of (loss)/profit after tax from joint ventures	(4.3)	15.3
(Loss)/profit before tax	39.7	80.6
Income tax credit/(expense)	(12.9)	(22.5)
(Loss)/profit for the period	26.8	58.1
Items that will not be reclassified subsequently to profit or loss
Remeasurement of retirement benefit asset	0.3	0.1
Deferred tax on remeasurement of retirement benefit asset	(0.1)	-
Total other comprehensive income	0.2	0.1
Total comprehensive (expense)/ income for the period	(606.8)	31.4
(Loss)/earnings per share
Note	2026	2025
Basic	(190.5)p	9.5p
Diluted	(190.5)p	9.5p
Adjusted basic	(18.8)p	17.6p

Source ↗

	30 June 2026 £m	30 June 2025 £m	31 December 2025 £m
Assets
Goodwill	352.6	827.6	827.6
Intangible assets	309.4	349.0	329.2
Property, plant and equipment	26.3	24.0	27.3
Right-of-use assets	88.7	83.7	90.4
Investments	736.2	676.7	680.8
Trade and other receivables	51.6	-	49.1
Retirement benefit assets	31.9	32.7	32.2
Deferred tax asset	5.4	-	-
Total non-current assets	1,602.1	1,993.7	2,036.6
Inventories	3,240.8	3,067.6	3,228.3
Trade and other receivables	697.5	709.9	760.5
Cash and cash equivalents	249.2	457.4	353.7
Current tax assets	9.2	2.3	-
Total current assets	4,196.7	4,237.2	4,342.5
Total assets	5,798.8	6,230.9	6,379.1
Liabilities
Borrowings	101.8	-	-
Trade and other payables	1,522.0	1,372.9	1,582.1
Current tax liabilities	-	-	7.5
Lease liabilities	30.8	29.6	26.4
Provisions	123.3	129.7	109.7
Total current liabilities	1,777.9	1,532.2	1,725.7
Borrowings	616.2	750.5	497.9
Trade and other payables	313.2	382.0	441.9
Lease liabilities	67.4	64.3	71.7
Provisions	310.2	219.4	269.8
Deferred tax liabilities	-	34.7	47.5
Total non-current liabilities	1,307.0	1,450.9	1,328.8
Total liabilities	3,084.9	2,983.1	3,054.5
Net assets	2,713.9	3,247.8	3,324.6
Equity
Issued capital	159.2	163.2	160.4
Share premium	361.3	361.3	361.3
Capital redemption reserve	15.7	11.7	14.5
Merger reserve	150.0	150.0	150.0
Retained earnings	2,027.7	2,561.6	2,638.4
Total equity attributable to equity holders of the parent	2,713.9	3,247.8	3,324.6

Source ↗

	2026 £m	2025 £m
Cash flows from operating activities
Operating (loss)/profit for the period	(624.2)	58.1
Add back
Exceptional items in operating profit in statement of profit or loss	78.0	14.3
Depreciation and amortisation	38.3	36.9
Goodwill impairment	475.0	-
Equity-settled share-based payment expense	2.9	2.4
Other non-cash items	1.4	0.6
Operating cash (outflow)/inflow before exceptional cash flows and movements in working capital	(28.6)	112.3
Exceptional cash flows relating to restructuring, integration and other exceptional items	(3.9)	(8.8)
Exceptional cash outflow relating to building safety	(30.4)	(25.0)
Exceptional cash inflow relating to building safety recoveries	3.3	6.7
Exceptional cash outflows	(31.0)	(27.1)
Decrease in trade and other receivables	65.0	50.5
Increase in inventories	(12.5)	(59.3)
Decrease in trade and other payables	(214.6)	(87.3)
Increase/(decrease) in provisions	4.9	(0.8)
Movements in working capital	(157.2)	(96.9)
Net cash outflow from operations	(216.8)	(11.7)
Income taxes paid	(15.3)	(10.0)
Net cash outflow from operating activities	(232.1)	(21.7)
Bank interest received	0.4	0.9
Purchase of property, plant and equipment	(1.3)	(3.3)
Disposal of property, plant and equipment	0.2	-
Loans made to joint ventures	(173.2)	(155.5)
Loan repayments from joint ventures	120.1	121.8
Interest received on loans to joint ventures	7.8	2.7
Dividends received from joint ventures	1.8	5.0
Net cash outflow from investing activities	(44.2)	(28.4)
Loans and advances made by joint ventures	40.1	26.7
Loans and advances repaid to joint ventures	(29.2)	(12.2)
Lease principal payments	(16.3)	(16.3)
Lease interest payments	(3.1)	(2.7)
Interest paid on borrowings	(25.5)	(25.2)
Proceeds from share issues (including LTIP exercises)	0.1	-
Purchase of own shares	(14.3)	(33.1)
Drawdown of bank loans	220.0	250.0
Net cash inflow from financing activities	171.8	187.2
Net (decrease)/increase in cash and cash equivalents	(104.5)	137.1
Opening cash and cash equivalents	353.7	320.3
Closing cash and cash equivalents	249.2	457.4

Source ↗

	2025	2024
Revenue	549.9	4,329.2
Cost of sales	(3,224.1)	(3,487.6)
Gross profit	389.6	291.7
Administrative expenses	(229.1)	(210.2)
Other expenses	(12.8)	-
Amortisation of acquired intangible assets	(39.6)	(39.5)
Other operating income	114.5	125.0
Operating profit	191.2	358.2
Finance income	40.1	30.5
Finance expense	(90.6)	(95.9)
Net finance expense	(29.3)	(94.7)
Share of profit after tax from joint ventures	24.1	3.3
Profit before tax	158.6	263.5
Income tax expense	(44.2)	(74.6)
Profit for the year	114.4	188.9
Items that will not be reclassified subsequently to profit or loss
Remeasurement of retirement benefit asset	(0.6)	(4.3)
Deferred tax on remeasurement of retirement benefit asset	0.2	1.2
Total other comprehensive expense	(0.4)	(3.1)
Total comprehensive income for the year	137.6	71.4
Earnings per share
Note	2025	2024
Basic	42.2p	22.0p
Diluted	42.0p	21.8p
Adjusted Basic	59.3p	55.9p

Source ↗

	2025 £m	2024 £m
Assets
Goodwill	827.6	827.6
Intangible assets	329.2	368.8
Property, plant and equipment	27.3	22.8
Right-of-use assets	90.4	85.2
Investments	680.8	614.0
Trade and other receivables	49.1	-
Retirement benefit assets	32.2	31.7
Total non-current assets	2,036.6	1,950.1
Inventories	3,228.3	3,008.3
Trade and other receivables	760.5	760.4
Cash and cash equivalents	353.7	320.3
Current tax assets	-	5.6
Total current assets	4,342.5	4,094.6
Total assets	6,379.1	6,044.7
Liabilities
Trade and other payables	1,582.1	1,403.7
Current tax liabilities	7.5	-
Lease liabilities	26.4	29.4
Provisions	109.7	105.3
Total current liabilities	1,725.7	1,538.4
Borrowings	497.9	501.0
Trade and other payables	441.9	415.9
Lease liabilities	71.7	67.0
Provisions	269.8	247.9
Deferred tax liabilities	47.5	38.6
Total non-current liabilities	1,328.8	1,270.4
Total liabilities	3,054.5	2,808.8
Net assets	3,324.6	3,235.9
Equity
Issued capital	160.4	165.9
Share premium	361.3	361.3
Capital redemption reserve	14.5	9.0
Merger reserve	150.0	1,597.8
Retained earnings	2,638.4	1,101.9
Total equity attributable to equity holders of the parent	3,324.6	3,235.9

Source ↗

	2025 £m	2024 Restated £m
Cash flows from operating activities
Operating profit for the year	222.6	167.0
Add back
Exceptional items in operating profit in statement of profit or loss	21.4	99.9
Depreciation and amortisation	74.4	73.9
Equity-settled share-based payment expense	6.3	5.5
Other non-cash items	9.6	(6.3)
Operating cash inflow before exceptional cash flows and movements in working capital	334.3	340.0
Exceptional cash flows relating to restructuring, integration and other exceptional items	(14.3)	(17.8)
Exceptional cash outflow relating to building safety	(45.3)	(58.8)
Exceptional cash inflow relating to building safety recoveries	13.3	22.0
Exceptional cash outflows	(46.3)	(54.6)
Defined benefit pension contributions	-	(0.2)
Increase in trade and other receivables	(45.1)	(124.0)
Increase in inventories	(220.0)	(28.5)
Increase/(decrease) in trade and other payables	200.3	(36.3)
(Decrease)/increase in provisions	(5.8)	4.6
Movements in working capital	(70.6)	(184.4)
Net cash inflow from operations	217.4	101.0
Income taxes paid	(31.8)	(11.3)
Net cash inflow from operating activities	185.6	89.7
Bank interest received	2.0	2.3
Purchase of property, plant and equipment	(11.0)	(6.9)
Disposal of property, plant and equipment	2.7	-
Disposal of subsidiary undertaking	-	22.7
Loans made to joint ventures	(358.4)	(321.1)
Loan repayments from joint ventures	320.5	251.4
Interest received on loans to joint ventures	3.0	10.4
Dividends received from joint ventures	29.2	42.5
Net cash (outflow)/inflow from investing activities	(12.0)	1.3
Loans and advances made by joint ventures	72.0	81.2
Loans and advances repaid to joint ventures	(44.4)	(10.1)
Lease principal payments	(32.3)	(27.1)
Lease interest payments	(5.6)	(5.4)
Interest paid on borrowings	(59.4)	(56.8)
Proceeds from share issues (including LTIP exercises)	0.7	3.0
Purchase of own shares	(71.2)	(172.6)
Repayment of bank loans	-	(1.2)
Net cash outflow from financing activities	(140.2)	(189.0)
Net increase/(decrease) in cash and cash equivalents	33.4	(98.0)
Opening cash and cash equivalents	320.3	418.3
Closing cash and cash equivalents	353.7	320.3

	LTM Jun 26	FY 25	FY 24
Revenue to operating profit
Revenue	3,396.3	3,613.7	3,779.3
Gross profit	160.1	389.6	291.7
Operating profit	(459.7)	222.6	167.0
Share-based payments	6.8	6.3	5.5
Operating profit to net income
Profit before tax	(506.0)	196.2	104.9
Tax	5.7	(58.2)	(30.4)
Net income (owners)	(500.3)	138.0	74.5
Per share
EPS basic	(157.8p)	42.2p	22.0p
EPS diluted	(158.0p)	42.0p	21.8p

	H1 26	vs H1 25	H2 25	H1 25
Revenue to operating profit
Revenue	1,418.2	−13%	1,978.1	1,635.6
Gross profit	(70.7)	n/m	230.8	158.8
Adjusted operating profit	(36.2)	n/m	–	124.4
Exceptional / adjusting items	78.0	+445%	–	14.3
Operating profit	(624.2)	n/m	164.5	58.1
Share-based payments	2.9	+21%	3.9	2.4
Operating profit to net income
Finance costs	(53.0)	+16%	–	(45.8)
Profit before tax	(661.3)	n/m	155.3	40.9
Tax	54.3	n/m	(48.6)	(9.6)
Net income (owners)	(607.0)	n/m	106.7	31.3
Per share
EPS basic	(190.5p)	–	32.7p	9.5p
EPS diluted	(190.5p)	–	32.5p	9.5p

	LTM Jun 26	FY 25	FY 24
Operating activities
Cash from operations	(24.8)	185.6	89.7
Interest paid	(59.7)	(59.4)	(56.8)
Tax paid	(37.1)	(31.8)	(11.3)
Investing activities
Capex (PP&E)	(9.0)	(11.0)	(6.9)
Financing activities
Lease principal paid	(32.3)	(32.3)	(27.1)
Lease interest paid	(6.0)	(5.6)	(5.4)
Share buybacks	(52.4)	(71.2)	(172.6)
Shares issued	0.8	0.7	3.0

	H1 26	vs H1 25	H2 25	H1 25
Operating activities
Cash from operations	(232.1)	n/m	207.3	(21.7)
Interest paid	(25.5)	+1%	(34.2)	(25.2)
Tax paid	(15.3)	+53%	(21.8)	(10.0)
Investing activities
Capex (PP&E)	(1.3)	−61%	(7.7)	(3.3)
Financing activities
Lease principal paid	(16.3)	0%	(16.0)	(16.3)
Lease interest paid	(3.1)	+15%	(2.9)	(2.7)
Share buybacks	(14.3)	−57%	(38.1)	(33.1)
Shares issued	0.1	n/m	0.7	0.0

	30 Jun 26	31 Dec 25	31 Dec 24
Non-current assets
Goodwill	352.6	827.6	827.6
Other intangibles	309.4	329.2	368.8
Property, plant & equipment	26.3	27.3	22.8
Other investments	–	680.8	614.0
Non-current assets	1,602.1	2,036.6	1,950.1
Current assets
Inventories	3,240.8	3,228.3	3,008.3
Trade receivables	697.5	760.5	760.4
Cash	249.2	353.7	320.3
Current assets	4,196.7	4,342.5	4,094.6
Total assets	5,798.8	6,379.1	6,044.7
Current liabilities
Trade payables	1,522.0	1,582.1	1,403.7
Borrowings, current	101.8	0.0	–
Lease liabilities, current	30.8	26.4	29.4
Current liabilities	1,777.9	1,725.7	1,538.4
Non-current liabilities
Borrowings, non-current	616.2	497.9	501.0
Lease liabilities, non-current	67.4	71.7	67.0
Pension surplus / (deficit)	–	32.2	31.7
Non-current liabilities	1,307.0	1,328.8	1,270.4
Total liabilities	3,084.9	3,054.5	2,808.8
Equity
Total equity	2,713.9	3,324.6	3,235.9
Net cash and other figures
Net cash / (debt) ex leases	(468.8)	(144.2)	–
Net cash / (debt) incl. leases	–	–	(180.7)

	30 Jun 26	31 Dec 25	30 Jun 25	31 Dec 24
Non-current assets
Goodwill	352.6	827.6	827.6	827.6
Other intangibles	309.4	329.2	349.0	368.8
Property, plant & equipment	26.3	27.3	24.0	22.8
Other investments	–	680.8	–	614.0
Non-current assets	1,602.1	2,036.6	1,993.7	1,950.1
Current assets
Inventories	3,240.8	3,228.3	3,067.6	3,008.3
Trade receivables	697.5	760.5	709.9	760.4
Cash	249.2	353.7	457.4	320.3
Current assets	4,196.7	4,342.5	4,237.2	4,094.6
Total assets	5,798.8	6,379.1	6,230.9	6,044.7
Current liabilities
Trade payables	1,522.0	1,582.1	1,372.9	1,403.7
Borrowings, current	101.8	0.0	0.0	–
Lease liabilities, current	30.8	26.4	29.6	29.4
Current liabilities	1,777.9	1,725.7	1,532.2	1,538.4
Non-current liabilities
Borrowings, non-current	616.2	497.9	750.5	501.0
Lease liabilities, non-current	67.4	71.7	64.3	67.0
Pension surplus / (deficit)	–	32.2	–	31.7
Non-current liabilities	1,307.0	1,328.8	1,450.9	1,270.4
Total liabilities	3,084.9	3,054.5	2,983.1	2,808.8
Equity
Total equity	2,713.9	3,324.6	3,247.8	3,235.9
Net cash and other figures
Net cash / (debt) ex leases	(468.8)	(144.2)	–	–
Net cash / (debt) incl. leases	–	–	–	(180.7)

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