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The Business Magazine July 2024
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Profit projections down as Vistry’s South division makes cost error

Vistry Group
9 October 2024

Shares in Kent-based housebuilder Vistry have fallen along with profit expectations after the group’s South division reported it had underestimated build costs.

Costs were supposedly understated at nine of the division’s 46 active developments – including some large-scale schemes – by around 10 per cent.

As such, Vistry’s projected profits for the 2024 fiscal year have fallen by £80 million to £350 million, while shares have tumbled 30 per cent.

The group “believe the issues are confined to the South Division, and changes to the management team in the division are underway” as it launches an independent review.

Vistry still plans to go ahead with a £130 million buyback announced last month.

A trading update is scheduled for 8 November.


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Born and raised in Berkshire, Dan fell into journalism after completing his bachelor’s degree in English at UCL.

Writing for The Business Magazine and local Biz News sites has given him the opportunity to chat with all manner of small business owners and share their success stories with a wider audience.

Outside of work, Dan enjoys live music, board games and quiz shows, and is making a slow but persistent effort to learn Spanish.

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