Vistry has reported a loss of £661.3m in the six months to 30 June, reflecting discounted open market stock and £73.2m in building safety provision.

In this period, the housebuilder’s total completions dropped by 8% to 6,304, while its revenue fell by 9% to just over £1.7bn.

The update comes as the firm look to transition to a “smaller, more focused business” over the medium term, targeting approximately 12,000 completions.

As part of its CEO review, Vistry has identified £50m per annum in overhead cost savings, as a result of operating in fewer regions, with flatter structures and lower volumes, in addition to the £25m per annum previously identified in its voluntary exit scheme and recruitment freeze.

Chief executive at Vistry, Adam Daniels, said: "Since taking over as chief executive in April, we have made substantial progress in re-focusing the business and delivering on our immediate priority to improve cash generation. In parallel, we have now completed an extensive review of our business and operating model including how best to position the Group for future success, the conclusions of which we are communicating today alongside our half year results.
 
"Whilst the challenges we have experienced in the last couple of years have been exacerbated by market headwinds, the review has also made clear that our execution, regional discipline and capital allocation have not been consistent enough.

"These issues can be fixed, and 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."

In its outlook, Vistry has refined its forward order book definition to comprise only exchanged or otherwise legally contracted orders, and therefore its forward order book has dropped from £3.7bn in September 2025 to £3.3bn currently.

The firm said its H2 performance will benefit from a higher weighting of partner funded and open market volumes and improved margins from a richer mix of higher margin sites.

The company has revised its year-end profit expectations by £40m, reflecting partner deals that are not targeted for this year to allow time for renegotiations.

Following the update, shares in Vistry dropped by over 2%.

Head of markets at AJ Bell, Dan Coatsworth, concluded: "Having posted a hefty first-half loss, the company has lowered full-year profit expectations as it plans to substantially downsize the business and makes significant provisions for the costs of restructuring.

"The positive news is that recently appointed boss Adam Daniels is grasping the nettle with both hands as he looks to right a business which has been suffering badly from stock market subsidence in recent years. Vistry has been hit by cracks in the foundations of its regeneration and social housing focused model and due to accounting failures in its Southern division. Balance sheet concerns have added to the mix of late, too.

"The problem for Daniels is that he is not fixing the roof while the sun is shining but instead when it is pouring with rain, thanks to rising costs and a struggling property market affected by rising borrowing costs. One bright spot amid the gloom is the recent award of funds under the UK government’s affordable housing scheme, which represented a show of faith in the business."

---