Shares in troubled builder Vistry tumbled as profits slumped and it axed its dividend.
The group saw annual profits fall by 64 per cent to £104.9million as it took a £91million hit from forecasting errors in its Southern business.
Vistry, which endured a tough 2024 as it issued three profit warnings and costs overran, said it will not pay a final dividend as it seeks to save cash. Vistry shares slid 7.3 per cent, or 47p, to 601.5p and are down more than 50 per cent since September.
As Rachel Reeves took centre stage with her Spring Statement – or Emergency Budget – the FTSE 100 added 0.3 per cent, or 25.79 points, to 8689.59 and the FTSE 250 gained 0.3 per cent, or 57.99 points, to 20039.2.
William Hill owner Evoke is planning to slash costs by between £15million and £25million in 2025 to more than offset a £10million hit from the rise in National Insurance Contributions (NICs) and the minimum wage increase.
Evoke also reported widening annual losses for 2024 of £168.8million against £130.1million the year before. Shares crashed 19.5 per cent, or 13.95p, to 57.45p.
Slump: Vistry saw annual profits fall by 64% to £104.9m as it took a £91m hit from forecasting errors in its Southern business
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