Article 6RA80 Housebuilder Vistry loses more than £1bn in value after profit warning

Housebuilder Vistry loses more than £1bn in value after profit warning

by
Julia Kollewe
from World news | The Guardian on (#6RA80)

FTSE 100 company says profits will lower for the next three years because it underestimated building costs

More than 1bn was wiped off the value of housebuilder Vistry on Tuesday after it said that the building costs had been understated" on some of its projects and issued a profit warning.

The company, formerly known as Bovis Homes, saidthe total completion cost for nine of its 46 developments in its south division - including some large schemes - had been understated by 10% of the total build costs.

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