Vistry Group PLC (LSE:VTY) kept its forecast for results this year unchanged after three profit warnings in the past three months.
Group adjusted profit before tax is expected to be around £250 million (2023:£419 million) said the housebuilder, in line with the revised company guidance announced in December.
Most of the issues were down to cost overruns in its southern division and Vistry said 'a significant amount of work' has been done to understand and address the problems.
New operational leadership is in place, it said, adding it was “confident“ it make rapid progress in stabilising the affected regions in 2025.
Total completions in 2024 were up 7% to 17,200 (FY23: 16,118) with adjusted revenues expected to be up 9% higher at £4.4bn (2023: £4.0bn)
Some 220 new partnership deals were signed in 2024 and Vistry said it remains committed to its asset-light, high-returns partnerships strategy.
For the current year, forward sales currently are worth £4.4 billion (31 December 2023: £4.5bn) with the focus to be on increased cash generation and a significant reduction in stock and work in progress.
Costs were beginning to rise again, Vistry added, and based on current market expectations it is expecting low single-digit build inflation.
In addition, the impact of the increased Employer National Insurance contributions announced in the Budget is expected to be £5 million in 2025 and £7 million in 2026.