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Shares plunge for housebuilder Vistry after new profit warning
The Guardian
|November 09, 2024
Shares in the FTSE 100 housebuilder Vistry have plunged after it issued a second profit warning in as many months and said cost overruns on building projects were worse than previously thought.
Vistry was the top faller on the blue chip index of stocks on Friday morning. The builder's shares closed down 15.5% yesterday.
Last month, Vistry launched an independent review of operations in its south division after revealing it had "understated" total build costs by about 10%.
The company said at the time that this would probably reduce profits by £115m over the next two years. The news sent its shares plummeting, wiping £1bn off the company's value.
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