Vistry Group (VTYV.L): 1H26 result and CEO operational review: Significant repositioning with lowered guidance for FY26/FY27

Vistry released its half year results and CEO operational review, after a 1H26 trading update released in July. The Group delivered an adjusted loss before tax of -£83mn, vs. Visible Alpha Consensus Data of £3m and GSe of -£30m. This reflects the discounting of open market stock to generate cash and approximately £50m in relation to the CEO review process. The group expects to deliver FY26 adjusted profit before tax of £165m, -13%/-10% below consensus/GSe, and FY27 adjusted profit before tax of £185m, -12%/-15% below consensus/GSe. The operational review confirmed that Vistry's mix tenure model is the right strategy, but that the business needs to be resized, simplified and repositioned. The group aims to transition to a smaller model targeting 12,000 completions over the medium term, with a tenure mix of 60% partner funded and 40% open market. Vistry will consolidate regional exposure from 25 regions to 12 larger operating regions, and the South east operations will move to a fully pr