Vistry Group PLC (OTCPK:BVHMF) Q3 2024 Earnings Conference Call November 8, 2024 3:30 AM ET
Company Participants
Greg Fitzgerald – Chief Executive Officer
Tim Lawler – Chief Financial Officer
Stephen Teagle – Chief Executive, Partnerships and Regeneration
Conference Call Participants
Aynsley Lammin – Investec
Charlie Campbell – Stifel
Will Jones – Redburn Atlantic
Emily Biddulph – Barclays
Chris Millington – Deutsche Bank
Gregor Kuglitsch – UBS
Alastair Stewart – Progressive Equity Research
Ami Galla – Citigroup
Harry Goad – Berenberg
Clyde Lewis – Peel Hunt
Operator
Hello, and welcome to the Vistry Trading Update Conference Call hosted by CEO, Greg Fitzgerald and CFO, Tim Lawler. My name is Alex, and I’ll be coordinating the call today.
[Operator Instructions]. I’ll now hand it over to Craig Fitzgerald to begin. Please go ahead.
Greg Fitzgerald
Thanks, Alex. Hi, everyone. As Alex said, it’s Greg Fitzgerald. I’m delighted I’m joined by Tim Lawler, Susie Bell, and Stephen Teagle. So thank you all for joining the call today, and I’d like to start by going straight into the detail of the cost issues, we previously reported in our sales division.
Here, I’ll focus on three key areas. First, what the issues were and the steps we have taken to review our entire business. Two, the reasons for the incremental negative impact on our forecast versus October 8 and third, most importantly, why, despite these challenges, we are confident in the company’s future and our ability to deliver substantial shareholder value going forward. So, first, the issues we found in our 4x housebuilding businesses that make up our South division. Poor commercial forecasting largely focused on large, older, former housebuilding sites where build costs were wrong to the tune of 10% to 12%. A divisional leadership, which consisted of former house building, businesses carrying previous mistakes. Management capability in certain areas has been an issue. Noncompliance with our processes and a poor divisional culture all relates
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