British homebuilder Vistry (VTY.L) issued its third profit warning for fiscal 2024 on Tuesday, attributing the downgrade to delays in year-end transactions and project completions.
The company’s announcement underscores the challenges facing UK homebuilders, who have grappled with subdued demand throughout 2024. These challenges are compounded by mounting concerns that the Bank of England’s anticipated interest rate cuts may proceed more slowly than expected, further dampening market recovery.
Vistry revealed that several agreements with partners, initially slated for completion this year, have been deferred to 2025. Additionally, the company has opted to forgo certain deals deemed unattractive, further impacting its profitability.
In its latest forecast, Vistry anticipates adjusted profit before tax for the year ending December 31 to be £250 million ($313.3 million), down from the £300 million it had previously projected. This marks the third profit warning from the company since October.