Housebuilder Viscry Pins hopes for £ 2 billion houses at affordable promising prices when profits fall Group group

The profits in the show group of the home manufacturer in the United Kingdom collapsed more than a third in what described as a “disappointing year”, but this week is blocking the hopes of a turning point on the promise of the government Inject £ 2 billion in houses at affordable prices.

After three profit warnings of last year, Viscry suspended the payments of dividends to the shareholders on Wednesday and its shares were the largest bankruptcy on the FTSE 250 index, going down to 8% before tracing 5.5% less.

Greg Fitzgerald, CEO of Viscry, said that 2024 was demanding but welcomed the residential commitment to affordable prices of the government, adding that the manufacturer “would try to progress as quickly as possible with our partners to offer new quality houses throughout the country”.

The treasure said this week that it would have financed 18,000 economic and social homes, as part of the lens Build 1.5 m houses during Parliament.

Viscry, previously known as Bovis Homes, has rotated for the construction of houses at affordable prices in collaboration with housing associations in recent years. The rectified profit of the company before the tax decreased by 35% to £ 263.5 million last year, with the total ownership number completed by 7% to 17,225. The completions carried out in collaboration with housing associations increased by 18% to 12,633 while the houses sold on the open market decreased by 15% to 4,592.

He is trying to trace a line under a harmful accounting scandal after Admit in November that the costs are not up to the construction projects They were worse than what was previously thought. He launched an independent review of the operations in his south division the month before after revealing it Total “minimized” total construction costs of about 10%.

This means that Viscry is undergoing a success of £ 165 million, reducing the profits of 2024 of £ 91.5 million with the rest that affects future years. There have also been some delays in the final agreements with his partners at the end of the year.

The manufacturer of the house said that he had made a “revision of the root and branch” of his procedures and having implemented some changes to ensure that further errors in reporting costs do not occur. He reduced 200 jobs after having simplified his activities at the end of 2023 and paid less in the bonuses last year since the profit objectives were not achieved.

Vristry also spent more for the repairs of the safety of the building-114.7 million pounds compared to £ 19.3 million in 2023. The government ordered the manufacturers of houses to replace the defective coating and carry out other repairs in their skyscrapers after the fire of the Grenfell tower in 2017. Viscry put aside an extra 117.1m for 41 buildings after the regular changes.

Analyst Investec Aynsley Lammin said that in the results “there were no incremental surprises”. He added: “The demand for partnership houses has been clearly softer in recent times, not helped by the lack of funding, but the news of a government financing injection of 2 billion pounds should help by the end of the year”.