Housebuilder Vistry announces further cost-cutting after its losses widen, including job reductions and changes to its business structure. The company reports that its half-year results include losses of around £600m linked to a large stock of unsold homes and revises its annual outlook.
Several outlets say the company also scales back plans for private home sales in parts of the South East. Vistry’s turnaround plan, attributed in coverage to its new chief executive, includes withdrawing entirely from private sales in the South East and downsizing operations, alongside a shift toward building a smaller set of homes more consistently. The Guardian also links the worsening figures to weak summer sales of private homes and frames the response as a restructuring to refocus Vistry on a target production scale.
While the Independent highlights the downsizing and the extent of the South East exit after a reported £661m loss, the Guardian emphasizes profit forecast cuts and the broader timeline for turning around the business, including additional staffing reductions.
