Report published September 24, 2026

Vistry Group: 1H26 Result and CEO Operational Review - Significant Repositioning with Lowered Guidance for FY26/FY27

Goldman Sachs · September 24, 2026

Vistry Group reported an adjusted 1H26 pre-tax loss of -£83m and downgraded FY26 and FY27 adjusted PBT guidance alongside a £470m restructuring charge. Goldman Sachs reiterates its Buy rating with a 355p price target, though it anticipates near-term share price weakness.

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Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.

Key Takeaways

1.Vistry delivered an adjusted 1H26 pre-tax loss of -£83m and downgraded FY26 and FY27 adjusted PBT guidance to £165m and £185m respectively, below consensus.
2.Management's operational review confirmed a major restructuring: consolidating 25 operating regions into 12, cutting the land bank from 51k to 36k plots, and taking a £470m full-year charge.
3.Full-year cash position guidance was cut to broadly neutral from £100m net cash, but bank support has been secured for interest cover covenant waivers and no equity raise is planned.

Report data

VTYV.L Valuation and Forecasts Table — as of September 23, 2026.

Metric	Estimate	Context
Adjusted loss before tax	-83.0 GBP millions	1H26 adjusted pre-tax loss vs. Visible Alpha consensus of £3m and GSe of -£30m
Adjusted profit before tax guidance	165.0 GBP millions	FY26 adjusted profit before tax guidance, -13%/-10% below consensus/GSe
Adjusted profit before tax guidance	185.0 GBP millions	FY27 adjusted profit before tax guidance, -12%/-15% below consensus/GSe
CEO operational review charges	470.0 GBP millions	Expected total full-year charge from the CEO operational review
Sales rate	0.3 reservations per outlet	Challenging summer open market conditions slowed private sales