Vistry posted a £661 million loss for the first half, reflecting a major goodwill impairment and an increase in fire-safety provisions. At the beginning of 2026, the company carried £827.6 million of goodwill from deals over the prior six years. After assessing tough market conditions and a drop in its market value, it recognized a £475 million impairment for the period. The company also identified buildings that had previously sat outside its developer portfolio, adding £74 million to fire-safety provisions and taking the total to £353 million as of the end of June.
For the six months ended June, the adjusted pretax result was a £83.3 million loss, contrary to analysts' forecasts for a profit.
Vistry said sales have been hit by "Lower customer confidence, affordability constraints and broader macroeconomic uncertainty." Higher costs for materials and labor, plus changes to planning and safety rules, have slowed building activity, while demand has been additionally pressured by the conflict in the Middle East. The company added that inflation expectations are keeping mortgage rates from easing.
Home completions dropped 8% to 6,304 versus the year-earlier period. In early London trading, the shares sank by as much as 10% after the update, extending this year's slide to more than 60% and leaving the stock on track for its worst year on record. The company has issued several profit warnings.
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Based in Kent, England, the builder has seen turnover in its top ranks, with longtime boss Greg Fitzgerald departing and Chief Financial Officer Tim Lawlor also leaving. Trade credit insurer Allianz Trade told suppliers it would vary Vistry-related credit limits based on the company's near-term financial performance.
Earlier this summer, staff below managing director level were offered voluntary redundancy to cut cash costs. Vistry was also awarded £350 million in funding through the government's Social and Affordable Homes Programme.
Five months into the job, CEO Adam Daniels kicked off a strategic review and said it showed that "our execution, regional discipline and capital allocation have not been consistent enough." He added, "we are taking the necessary steps to ensure the strong performance we have seen across many of our sites is replicated across the group as a whole," and that the company is "committed to entering 2027 on the right footing."
Vistry now aims to become a "smaller, more focused business," targeting roughly 12,000 completions a year while dialing back its presence in the South East, which it said has underperformed.
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