Vistry Group

VTY · Main Market · Consumer Products and Services · mcap £696m · 221.2p

Vistry builds mixed-tenure homes, selling a large share to housing associations, build-to-rent investors and councils (partner funded) and the rest to private buyers. It operates across England and also draws on government affordable housing grants.

Target	Promise	Said	Status
2024
30 Sep 2024	Complete £100m share buyback by 30 September 2024	18 Apr 2024	✗ Missed · target changed
	“expected to be completed no later than 30 September 2024” Result September 2024 launched a new £130m buyback to May 2025; the £100m programme was superseded, not reported complete. “The Programme is expected to commence today, 12 September 2024, and is expected to be completed no later than the Annual General Meeting to be held on 14 May 2025.”12 Sep 2024 · Commencement of £130m share buyback programme
31 Dec 2024	Deliver more than 18,000 completions in FY24 (step-up from 16,118)	12 Jan 2024	✗ Missed
	“on track to deliver more than 18,000 (FY23: 16,118) completions in FY24” Also stated 14 Mar 2024 · 16 May 2024 · 8 Oct 2024 Result November 2024 cut expectation to c.17,500; FY24 completions were 17,225. “The Group is on track to deliver more than 18,000 (FY23: 16,118) completions in FY24, an increase of more than 10% on prior year and up from our previous expectation of 17,500 units.”16 May 2024 · Trading Update “Total completions increased by 7% to 17,225 units (FY23: 16,118 units)”26 Mar 2025 · Final Results
31 Dec 2024	Remuneration Chair to write to shareholders after the 2023 Annual Report, explaining 2023 decisions and 2024 policy	21 Feb 2024	✗ Missed · target changed
	“to explain the remuneration decisions that have been made for 2023 as well as providing details on the implementation of our Policy in 2024” Result Not mentioned in the 4 results reports since the deadline (2024-12-31) – treated as dropped.
31 Dec 2024	Achieve a net cash position at 31 December 2024	14 Mar 2024	✗ Missed
	“continues to target a net cash position as at 31 December 2024” Also stated 9 Jul 2024 · 8 Oct 2024 Result Guidance moved to c.£200m net debt in December 2024; year-end net debt was £180.7m. “There has been a significant cash inflow in the closing weeks of the year but the delayed income described above means that we now expect closing net debt to be in the region of £200m.”24 Dec 2024 · Trading Update “Group net debt position of £180.7m as at 31 December 2024 (31 December 2023: £88.8m)”26 Mar 2025 · Final Results
31 Dec 2024	Deliver about £15m cost savings in 2024 from simplified structure	14 Mar 2024	✗ Missed
	“we expect to deliver c. £15m of cost savings in 2024 from our simplified operating structure” Result Full year results show adjusted profit before tax of £263.5m for 2024, but South Division cost issues reduced this by £91.5m, delivering approximately £172m below the £15m cost savings target. “The issues relating to the forecasting of costs in the South Division were identified during the year and as previously reported, had a total impact of £165m”26 Mar 2025 · Final Results
31 Dec 2024	FY24 adjusted profit before tax of about £350m after cost revisions	8 Oct 2024	✗ Missed · target changed
	“The Group continues to expect to deliver total completions in excess of 18,000 units in FY24” Result Guidance cut to c.£300m in November and c.£250m in December; actual £263.5m. “Vistry Group announces that it expects adjusted profit before tax for FY24 to be c. £250m, compared with the Group's previous guidance of c. £300m”24 Dec 2024 · Trading Update “Vistry's financial performance in 2024 was significantly below our expectations at the start of the year, with the Group reporting adjusted profit before tax of £263.5m”26 Mar 2025 · Final Results
2025
14 May 2025	Complete £130m share buyback by the May 2025 AGM	12 Sep 2024	✗ Missed
	“The Group continues to expect to complete its share buyback programme totalling £130m by its AGM in May 2025.” Also stated 8 Nov 2024 Result Still £92m remaining in March 2025 and £29m in March 2026, with completion due by end of 2026. “The Group continues to expect to complete its share buyback programme totalling £130m by its AGM in May 2025.”8 Nov 2024 · Trading update “The Group has completed £38m to date and expects to complete the remaining £92m via share buyback, to be concluded in H1 2026”26 Mar 2025 · Final Results
31 Dec 2025	Keep FY25 Open Market and Partner Funded volumes similar to FY24	14 May 2025	✗ Missed
	“continue to expect FY25 Open Market volumes to be at a similar level to FY24” Result FY25 completions fell to 15,658 from 17,225. “Revenue down 4% versus prior year with a decrease in completions of 9% to 15,658 units (2024: 17,225 units) reflecting continued challenges in the Open Market”4 Mar 2026 · Final Results
Today · 14 Oct 2026
2026
31 Dec 2026	Return £1bn to shareholders over three years via ordinary and special distributions	7 Nov 2023	✗ Missed · target changed
	“Group commenced £55m share buyback in December, with target to deliver £1bn of shareholder distributions over next 3 years” Also stated 12 Jan 2024 · 14 Mar 2024 · 5 Sep 2024 Result After profit warnings in Oct-Dec 2024 the £1bn was not restated; later returns were only a £130m buyback, with £29m remaining in March 2026, and results showed a loss. “We remain confident in achieving a 40% ROCE and £800m operating profit in the medium term, and returning £1bn of capital to our shareholders over the next three years”14 Mar 2024 · Final Results “since the strategy update 12 months ago, I'm pleased that the Group has now announced or returned £285m of the targeted £1bn capital return to shareholders over three years”5 Sep 2024 · Half-year Results
31 Dec 2026	Net cash of about £100m at 31 December 2026	4 Mar 2026	✗ Missed · target changed
	“Group's focus on cash performance, including the management of work in progress, is expected to result in a broadly neutral cash position as at 31 December 2026” Also stated 8 Jul 2026 · 24 Sep 2026 Result September 2026 lowered it to a broadly neutral cash position; net debt was £468.8m at June. “we are now expecting a net cash position in excess of £100m at 31 December 2026”13 May 2026 · AGM Trading update “the Group now expects to achieve a broadly neutral debt position at December”24 Sep 2026 · Half-year Results
31 Dec 2026	Good revenue and volume growth and higher adjusted profit before tax in 2026	4 Mar 2026	✗ Missed · target changed
	“The Group expects to deliver good year-on-year revenue and volume growth, and an improvement in adjusted profit before tax in 2026” Result May 2026 guided H1 lower; H1 adjusted loss £83.3m, revenue and completions down; strategy shifts to a smaller business. “Primarily due to the up-front profit impact of the actions to accelerate cash generation, as described above, we expect H1 profit to be significantly lower than the prior year. However, with the benefits of an improved margin mix on active sites and a step up in demand from our affordable housing partners we expect H2 2026 profit to be in line with H2 2025 profit.”13 May 2026 · AGM Trading update “Group delivered an adjusted loss before tax of £83.3m (H1 25: £80.6m profit), reflecting both discounting of Open Market stock to generate cash and approximately £50m in relation to the early impacts of the CEO review process”24 Sep 2026 · Half-year Results