Vistry Group Revises FY24 Profit Guidance to £250M Amid Delays in Transactions

2 min read | December 24, 2024 07:03 PM AEDT | By Team Kalkine Media

Vistry Group Revises FY24 Profit Guidance to £250M Amid Delays in Transactions — Image source: shutterstock

Reasons for the Revision

The company noted that a significant portion of the expected FY24 transactions, including agreements with partners, will now likely complete in FY25. Additionally, Vistry chose not to proceed with several proposed transactions where the commercial terms were deemed unattractive, opting instead to focus on more favorable opportunities anticipated in the coming year.

A minor contribution to the profit impact came from delays in open market completions, further affecting the FY24 financial outcome.

Positive Developments Despite Challenges

Despite these delays, Vistry has reported strong demand from its partners in the fourth quarter. The Group successfully concluded over 70 Partner Funded transactions involving 35 partners, including Registered Providers, Local Authorities, and Private Rented Sector (PRS) providers.

While the delays have impacted anticipated income, Vistry experienced a significant cash inflow during the closing weeks of the year. Nevertheless, the Group now expects its closing net debt for FY24 to be approximately £200 million.

Looking Ahead

Vistry remains optimistic about FY25, expecting delayed transactions and potentially more attractive opportunities to contribute positively to the Group’s financial performance.

The Group is set to release its full trading update for FY24 on 15 January 2025. The update will provide further details on the year’s performance and will be accompanied by a call for analysts and investors.

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