Trading Update
Summary by AI BETAClose X
5 November 2026
Vistry Group PLC
Trading update
Vistry Group PLC (“Vistry” or “the Group”) is today providing a scheduled update on trading for the period from 1 July 2026 to date (“the period”), and on its progress in implementing the actions set out alongside its half-year results announced in September.
Adam Daniels, Chief Executive commented:
“Since announcing the conclusions of the CEO Review in September, we have continued to take decisive action to create a smaller, more focused and disciplined business. Our immediate priorities remain generating cash, lowering financial leverage, improving operational control and reducing complexity, whilst maintaining tight commercial discipline.
“In the six weeks since our interim results announcement, we have secured a high calibre CFO, Helen Miles, who will join us in 2027, with a highly experienced CFO, Robert Allen, appointed as interim CFO ahead of her arrival; signed our £350m SAHP grant agreement with Homes England; begun reshaping our land bank, with a number of well-progressed transactions scheduled to complete before the year end; and commenced our bank refinancing process, consistent with the objectives set out in September.
“We have also started the difficult but necessary process of reducing headcount and restructuring the operating regions from 25 to 12. The MDs and their management teams have been confirmed, and the new structure will be in place and operational from January.
“We are seeing benefits from our commercial initiatives, but current trading continues to reflect a challenging Open Market backdrop and a slow but gradual build-up in Partner Funded transaction activity, reflecting the early stage of grant deployment under the Social and Affordable Housing Programme.
“I would like to thank all my Vistry colleagues for their continued hard work in these challenging market conditions, and I am confident that the actions we are currently undertaking will establish a high performing, more robust and disciplined platform from which Vistry can deliver its revised strategy. I have no doubt that Vistry is capable of generating consistent, cash-backed growth in earnings and attractive returns on capital, which will create great value for all our stakeholders.”
Debt reduction and refinancing
Alongside improved operational and commercial control, cash generation and debt reduction remain immediate priorities for the Group. The actions taken to reduce Open Market work in progress, realise value from the land bank and improve the terms of Partner Funded transactions are expected to deliver further positive contributions in the remainder of the financial year. Reflecting the current market backdrop and the movement of a limited number of Partner Funded transactions to later in Q4, average daily net debt in the second half is expected to be c. £800m. The Group remains on a clear pathway to sustainably reducing its leverage and expects its year end net debt position to be within the range of analysts’ expectations1.
We have begun the process to refinance the Group’s £900m term loan and RCF. As outlined in the HY results, the Group is targeting a stronger balance sheet and a more disciplined operating platform in FY27, with the objective of reducing average daily net debt in FY27 and beyond, as the land bank is reshaped and capital employed is reduced.
Current Trading
Whilst market conditions continue to give rise to some timing uncertainty in Q4, we are making clear progress on the self-help initiatives that underpin both the FY26 guidance and medium-term strategy we set out in September. New management teams for the 12 operating regions have been formed, and we are making good progress in delivering the £50m of savings in FY27.
Partner Funded activity is supported by the first wave of allocations under the SAHP 2026–2036. Vistry’s £350m direct grant award, together with allocations to our strategic partners, supports a strong pipeline of affordable housing opportunities. The Group continues to apply its revised contracting criteria and will prioritise appropriate commercial terms, cash generation and returns over volumes.
Open Market conditions remain difficult and similar to those described by the Group in September, reflecting affordability constraints, cautious consumer sentiment and wider macroeconomic uncertainty. The Group continues to manage pricing and incentives on a site-specific basis, while tightly aligning build rates with demand.
We are encouraged by the Government’s ‘Your First Home’ initiative to support first-time buyer demand. In the near term, we expect some first-time buyer uncertainty as customers await further details and implementation of the scheme. Furthermore, Vistry welcomes the announcement in the October Budget, that from April 2027, the zero-rate of VAT will be applied to land sold to Registered Providers. This change simplifies delivery and reduces the risk that VAT becomes a tax barrier to development or adversely affects site viability.
The Group’s forward order book, on the revised definition announced at the half-year results, stands at £3.1bn.
For further information please contact:
|
Vistry Group PLC Robert Allen, Interim Chief Financial Officer Kate Moy, Group Investor Relations Director Greg Dawson, Interim Group Corporate Affairs Director FTI Consulting |
020 3048 3396
020 3727 1340 |
Richard Mountain / Bryn Woodward
Notes
1. The range of analysts’ forecasts (excluding those who have not updated forecasts since our HY results announcement) for 2026 net debt is £(7)m to £(130)m.
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