Vistry Sees FY27 APBT Around £185 Mln, CFO Tim Lawlor resigns

By Reuters News

Sept 24 (Reuters) - Vistry Group PLC VTYV.L:

  • VISTRY GROUP - TIM LAWLOR RESIGNS AS CFO, TO LEAVE IN OCTOBER 2026

  • VISTRY GROUP - EXPECTS TO ANNOUNCE NEW CFO IMMINENTLY

  • VISTRY GROUP PLC: SUBJECT TO MARKET CONDITIONS REMAINING BROADLY STABLE, WE EXPECT FY27 APBT TO BE C. £185M

  • VISTRY GROUP PLC: TARGET ROCE OF MORE THAN 30% AND 12% OPERATING MARGIN BY FY31

  • VISTRY GROUP PLC: NET DEBT AS AT 30 JUNE 2026 OF £468.8M WAS HIGHER THAN THE PRIOR YEAR

  • VISTRY GROUP - NO CAPITAL DISTRIBUTION PROPOSED FOR H1 2026 EARNINGS

  • VISTRY GROUP PLC: TARGETING AVERAGE DAILY NET DEBT REDUCTION TO C. £500M IN FY27 AND BELOW £400M IN FY28

  • VISTRY GROUP PLC: OPEN MARKET CONDITIONS HAVE BECOME MORE CHALLENGING OVER SUMMER

  • VISTRY: IN PROCESS OF FINALISING CLASSIFICATION AND QUANTIFICATION OF ITEMS RELATED TO EXIT FROM SOUTH EAST OF ENGLAND

  • VISTRY GROUP: BUSINESS WILL BE RESIZED, SIMPLIFIED AND REPOSITIONED TO DELIVER LOWER LEVERAGE, STRONGER CASH CONVERSION AND MORE SUSTAINABLE RETURNS

  • VISTRY GROUP: TRANSITION TO A SMALLER, MORE FOCUSED BUSINESS TARGETING APPROXIMATELY 12,000 COMPLETIONS PER ANNUM OVER THE MEDIUM TERM

  • VISTRY GROUP PLC: ANTICIPATE IMPACT OF EXIT FROM SOUTH EAST OF ENGLAND IN FULL YEAR WILL BE AROUND £470M

  • VISTRY GROUP: TARGET TENURE MIX OF APPROXIMATELY 60% PARTNER FUNDED AND 40% OPEN MARKET

  • VISTRY GROUP: OVERHEAD COST SAVINGS OF £50M P.A. HAVE BEEN IDENTIFIED; RUN-RATE SAVINGS ARE EXPECTED TO BE ACHIEVED WITHIN THE NEXT TWO YEARS

  • VISTRY GROUP: COMBINED COST ASSOCIATED WITH THESE ACTIONS IN FY26 ANTICIPATED TO BE C. £40M

  • VISTRY GROUP: DECISIONS MADE IN Q2 TO REDUCE LAND ACQUISITIONS ARE REDUCING LAND EXPENDITURE IN H2

  • VISTRY GROUP PLC: EXPECT FY27 APBT TO BE C. £185M

  • VISTRY: REDUCING LEVELS OF WORK IN PROGRESS BY TIGHTLY CONTROLLING SITE STARTS AND PACE OF BUILD OF PRIVATE UNITS ON CERTAIN SITES

  • VISTRY: NOW EXPECTS TO ACHIEVE A BROADLY NEUTRAL DEBT POSITION AT DECEMBER AND WE ARE TARGETING AVERAGE DAILY DEBT IN H2 OF £750M

  • VISTRY: GROUP IS 91% FORWARD SOLD FOR FY26, SUPPORTED BY A £3.3BN FORWARD ORDER BOOK

  • VISTRY: DURING Q4 WE WILL BE ENGAGING WITH OUR BANKS TO AGREE AN EXTENSION OR REFINANCING OF THEIR £900M FACILITIES WHICH MATURE IN APRIL 2028

  • VISTRY: REMAIN CONFIDENT THAT WITH CASH ACTIONS BEING TAKEN AND ONGOING SUPPORT OF OUR BANKS THERE WILL BE NO REQUIREMENT TO RAISE ADDITIONAL EQUITY

Further company coverage: VTYV.L

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