The housebuilder made the admission in a trading update for the year ending 31st December 2024 ahead of its full year results publication in March.

In line with an already-announced profit warning, Vistry expects its pre-tax group profits to be around £250m for 2024. In contrast, pre-tax profits for the group had been £419.1m in 2023.

Vistry identified several issues behind this, blaming delays in partner agreements, commercial terms appearing unattractive in deals with other housebuilders and delays to open market completions.

•   The Finance Professional Show 2023: The Video
•   479 more units greenlit for 'flagship' Vistry site
•   CMA housebuilder probe to conclude in May

Cost issues from the company’s South Division were also partly identified to blame. Following an independent and internal review process, “control enhancements” were introduced across the group.

Total completions were up around 7% in 2024 with c.17,200 houses built, more than the 16,118 delivered in 2023.

Vistry’s debt situation is still higher than 2023 - £180m compared to the previous year’s £88.8m - but still £20m above revised guidance already issued to the market.

Looking ahead, Vistry has identified the partnerships market as “very attractive” and will focus on this.

However increased cash generation and continued capital discipline will be the primary focus for the housebuilder in 2025.