UK homebuilder Vistry plunges after lowering annual profit forecast
Updates
** Shares of British homebuilderVistry VTYV.L plunge as much as 36.3% to 811p,top loser on benchmark FTSE 100 .FTSE
** Shares hit lowest levelsince December 2023
** Cocuts FY24profit forecast by 80 mln pounds ($104.6 mln), hurt by higher build costs in one of its divisions
** Now sees adjusted profit before tax foryear ending Dec. 31 at~350 mln pounds
** Says higher costprojections would reduce profit expectations for 2025 by about 30 mln pounds and about 5 mln pounds by 2026
** JPM questions whether higher costs in one unit could be a broader issue across Vistry's operations, despite co suggesting otherwise
** Shares of peersPersimmon PSN.L Taylor Wimpey TW.L Bellway BWY.L and Berkeley BKGH.L Barratt RedrowBTRW.L down ~2% while Crest NicholsonCRST.L falls 3.1%
** Session's losses erase VTYV's YTD gains; stock down 1.5% so far this year
($1 = 0.7648 pounds)
Reporting by Prerna Bedi in Bengaluru
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