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

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

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

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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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