BUZZ-UK's Vistry hits more than 2-year low on third annual profit warning

Reuters2024-12-24
BUZZ-UK's Vistry hits more than 2-year low on third annual profit warning

** Shares of British homebuilder Vistry VTYV.L fall 17.5% to 539.5p, their lowest level since Oct 2022

** Top loser on the FTSE mid-cap index .FTMC, which is up 0.3%

** Co warns on fiscal 2024 profit for third time since Oct; sees adj pretax profit of 250 mln pounds ($313.28 mln), down from previous forecast of 300 mln pounds

** "The revised guidance is driven by delays in deals with partners, combined with sluggish open-market sales and Vistry choosing not to proceed with certain deals on 'chipped' prices being offered" - Peel Hunt analysts

** After experiencing subdued demand for much of 2024, British homebuilders are now battling fears of a slower-than-expected pace of interest rate cuts by the Bank of England

** Peers Taylor Wimpey TW.L, Persimmon PSN.L and Barratt Redrow BTRW.L are among top losers on the FTSE 100 index .FTSE

** As of last close, Vistry stock down 28.7% YTD

($1 = 0.7980 pounds)

(Reporting by DhanushVignesh Babu in Bengaluru)

((DhanushVignesh.Babu@thomsonreuters.com;))

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