Housebuilder Vistry (LON: VTY) is the worst performing FTSE 250 company on Christmas Eve following a downgrading of profit expectations. The share price slumped 16.1% to 548.5p. This is the third profit warning in recent months.
The latest says that 2024 pre-tax profit will be £250m and not £300m as previously guided due to delays in transactions and completions. Vistry has decided not to go ahead with some transactions.
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Less than three months ago the guidance was £430m. These downgrades led to Vistry dropping out of the FTSE 100 index.
Strong recent cash generation means that net debt will be around £200m at the end of 2024. There will be a further trading update on 15 January.