Vistry Group PLC (LSE:VTY) is still looking to repair its reputation after three profit warnings last year, though the government's plans for increased social housing spending are helping bring some investors back.
Its shares are one of the best-performing in the housebuilding sector so far this year, helped by the government announcing plans to allocate £39 billion to affordable homes in coming years, a key area of focus for the FTSE 250 group’s bow.
However, the shares are still down around 50% from a year ago, after firing off a succession of profit warnings last year, initially due to cost overruns in its southern England division.
This was followed by another £50 million reduction due to delays to completions and signing off transactions.
In its most recent update, the company reported an improvement in its sales rate to 0.91 per outlet per week from the 0.59 announced in March, as well as guiding to a low single-digit percentage of build cost inflation this year.