Vistry Group (VTY): Return to net cash

This situation live

VTY Vistry Group

£756m · 253.4p · −60% since the first step

4 Mar 2026 · Target net cash c.£100m by year end · −39% until the next step Expect to achieve a net cash position at the year end with the target of closing net cash of c.£100m and lower full year average net debt.

13 May 2026 · Target lifted; buyback paused; H1 debt higher · −18% until the next step we are now expecting a net cash position in excess of £100m at 31 December 2026

8 Jul 2026 · Net debt £470m at 30 June; target kept · +11% until the next step We remain confident of achieving net cash in excess of £100m at year end and we are targeting average daily debt of below £650m in H2 (versus £771m in H2 2025) to bring our full year average daily deb

24 Sep 2026 · Year-end target cut to broadly neutral cash · −2% since The 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, lower than previous guidance due t

Upgrade / downgrade cycle

Return to net cash

Year-end target cut to broadly neutral cash

DEC31 Next: Year-end cash position; distributions reconsidered after deleveraging in 68 days

Every step · 4

4 Mar 2026 Target net cash c.£100m by year end – Expect to achieve a net cash position at the year end with the target of closing net cash of c.£100m and lower full year average net debt. ↗
13 May 2026 Target lifted; buyback paused; H1 debt higher – we are now expecting a net cash position in excess of £100m at 31 December 2026 ↗
8 Jul 2026 Net debt £470m at 30 June; target kept – We remain confident of achieving net cash in excess of £100m at year end and we are targeting average daily debt of below £650m in H2 (versus £771m in H2... ↗
24 Sep 2026 Year-end target cut to broadly neutral cash – The 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... ↗

What is happening

Vistry Group: Return to net cash – Year-end target cut to broadly neutral cash. ['Year-end target cut to broadly neutral cash']

In short: Net debt was £144.2m at end-2025 and the buyback was paused on 13 May 2026 with a target of over £100m net cash. On 24 Sep 2026 net debt at 30 June was £468.8m and the year-end target was cut to broadly neutral cash. Lower debt targets run to FY29, banks waived FY26 and HY27 interest cover covenants, and no equity raise is anticipated.
Announced: 4 Mar 2026 · Target net cash c.£100m by year end
Latest: 24 Sep 2026 · Year-end target cut to broadly neutral cash
Next milestone: Future distributions reviewed at the half year
Buyback: Remaining share buyback paused on 13 May 2026 to prioritise debt reduction
H1 debt: Average daily net debt in H1 expected higher than prior year; significantly lower in H2
Levers: Inventory sales, partner pricing discipline, slower site builds, higher land-buying hurdles
Year-end target: Broadly neutral cash at 31 December 2026 (previously over £100m net cash)
Debt targets: c.£500m FY27, below £400m FY28, c.£300m by FY29 (average daily net debt)
Covenants: Interest cover covenant waivers for FY26 and HY27
Equity: Does not anticipate any need to raise equity

What comes next

Year-end cash position; distributions reconsidered after deleveraging (31 Dec 2026).

From the company's own announcements. Not investment advice.

Briefing

Vistry Group in 4 minutes

Vistry builds homes across the UK, mostly for housing associations, councils and rental investors rather than for individual buyers. In 2023 it set targets of 40% return on capital and £800m of operating profit. By...

Act 1The partnerships bet, 2023 to mid-2024
Act 2South Division errors and a broken promise
Act 3Stabilising, then a cash squeeze in 2026

Read the briefing →

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