Vistry Group PLC's shares plunged by 14% after the company cut its profit guidance due to cost overruns in its South Division. The internal review found that development costs were understated by around 10%, leading to a significant impact on adjusted pretax profit. Vistry now expects a total impact of around GBP 165 million over the next few years.
It seems like Vistry is facing some challenges, but they are taking steps to address the issues and mitigate the impact on their future profits. What are your thoughts on this situation?
Source: Investing
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