The company, previously known as Bovis Homes, said the total completion cost for nine of its 46 developments in its Basingstoke-based south division, including some large schemes, had been understated by 10% of the total build costs. Vistry predicted this would probably reduce profits by a total of £115m - £80m this year, £30m next year, and £5m in 2026. The company now expects profits this year to come in at £350m, well below the £419m it made last year, after predicting a profit increase as recently as last month.
Shares slumped by 28% after the announcement, making it the top faller on the FTSE 100 and wiping £1.2bn off its market value, down to about £3bn.
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Arsenal hold Rosicky talks over sporting director role
Tomas Rosicky is a leading contender to become Arsenal's sporting director, although any return to his former club would probably be put on hold until the end of the season.
United Ponder January Sales Club Open to Mainoo and Højlund Offers
Manchester United will listen to serious offers for any of Ruben Amorim's squad, including Kobbie Mainoo, Alejandro Garnacho and Rasmus Højlund, who were previously deemed untouchable.
Cunha ban cut for offering to buy victim new glasses
Matheus Cunha had a ban for scuffling with an Ipswich staff member reduced after the Wolves forward offered to buy the man a new pair of glasses.
Isak and Gordon pounce to put Newcastle firmly in driving seat
The irony will surely not be lost on Mikel Arteta. On a night when his side were hoping to put one foot in the Carabao Cup final, it was Alexander Isak - a striker that the Arsenal manager has long coveted - who did the damage as Newcastle secured a famous victory.
Liverpool have not stolen a single point, claims Slot
Arne Slot believes Liverpool have shown they possess the quality and depth to sustain a quadruple challenge and avoid the tail-off that Jürgen Klopp's side had last season.
Postecoglou backs Son and says even Salah would struggle at Spurs
Manager points to lack of creativity in team as reason for South Korean's poor form
Tesla, Twitter ... and the Reds? Musk eyes deal
The father of the world's richest man, Elon Musk, claims his son would be interested in buying Liverpool.
Transfer roundup Palace and Ipswich battle for £20m Doak
Crystal Palace and Ipswich are set to test Liverpool's resolve to keep Ben Doak by making improved bids worth £20m for the Scotland forward.
Everton owners right to be looking at manager options, says Dyche
Sean Dyche has said Everton's new owners should be exploring managerial options because he has not won enough games this season to keep the pressure off.
Lopetegui in limbo as Potter demand stalls Hammers deal
Julen Lopetegui is in limbo after West Ham's move to replace their manager stalled over Graham Potter's demand for a two-and-a-half-year contract.
