Shares in housebuilder Vistry Group PLC (LSE:VTY) fell 7.5% to 632.2p, giving back some of their recent gains, as investors focused on the shape of earnings rather than the headline confirmation of full-year guidance.
The move comes after the stock had rallied close to 20% from its November lows, reflecting growing confidence that Vistry would meet its 2025 targets.
That optimism left little margin for disappointment. While the trading update showed profits broadly in line with expectations and highlighted a strong second half, it also underlined that earnings in 2026 are likely to be weighted towards the back end of the year again.
Analysts at Jefferies said Vistry now trades on about 10 times forecast 2026 earnings, which they view as inexpensive.
They added that the group should be well placed to benefit from government support for affordable housing, particularly as early allocations from the Social and Affordable Housing Programme could begin by mid-2026 or early in the third quarter.
However, Jefferies cautioned that another second-half skew to profits in 2026, even if less pronounced than in 2025, means investors may want greater comfort on near-term forecasts and the balance sheet before fully backing the longer-term growth story.