Vistry's chief operating officer to step down

The chief operating officer of Vistry is to leave the housebuilder, it was confirmed on Wednesday, after his role was axed.

The blue chip - which has warned on profits twice in recent weeks - said Earl Sibley would step down as a director with immediate effect, before leaving the company on 31 December.

The owner of Bovis Homes, which builds around 17,000 houses a year, said the move would cut reporting lines and "ensure closer proximity of the chief executive to the business".

Vistry warned in mid-October that profits would be hit by £115m over three years after building costs in its south division were understated. The announcement sent the shares tumbling.

It then issued a second warning earlier this month, noting that the amount would be closer to £165m, and cutting its profit guidance for the current year by a further £50m.

Vistry has blamed the issues at the south division on "insufficient management capability, non-compliant commercial forecasting processes and poor divisional culture".

Shares in the company, which in 2022 took over rival Countryside Partnerships in a £1.3bn deal, have now lost nearly 33% over the last month.

Greg Fitzgerald, executive chair and chief executive, said Sibley - who has been with the business since April 2015 - had been an "integral part" of the operational and executive team.

He continued: "Having worked with Earl since I joined Bovis in 2017, I am very grateful for his dedication, support and hard work.

"He will leave with our best wishes for the future."

As at 0845 GMT, shares in Vistry were down 3% at 652.72p.