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Vistry shares tank on margin outlook, CEO retirement
(Sharecast News) - Vistry shares tanked on Wednesday as the UK housebuilder said 2026 profit margins would be lower and chief executive and chair Greg Fitzgerald announced his retirement.
Shares in the firm fell by a quarter at one point and were down almost 18% at 0932 GMT. Fitzgerald will retire as CEO next March and chair this May after 45 years in the housebuilding sector - the two roles will be separated after his departure.
Group profit margins for 2026 were expected to be lower as Vistry offers targeted pricing and incentives to support sales amid subdued private-buyer demand.
Revenue for the full year fell by 4% to £4.16bn, just shy of the £4.2bn previously guided.
The company, formerly Bovis Homes, on Wednesday reported adjusted pre-tax profits rose 2% to £268m despite a challenging market and uncertainty ahead of the government's Budget in November.
"Market conditions were broadly unchanged versus 2024, with affordability and slower-than-expected rate cuts weighing on buyer confidence," the company said in a statement.
Reporting by Frank Prenesti for Sharecast.com
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