Tim Lawlor to depart housebuilding giant for role in a different sector as Vistry announces it has found £25m of cost savings in first half
Vistry Group’s chief financial officer has announced he is leaving the company.
Tim Lawlor, who has worked for the £4.3bn-turnover firm for four years, will depart in October to “pursue a CFO role in a different sector”.
The board has begun a process to find Lawler’s successor and Vistry says there will be announcement on this “in due course.”
Vistry in an update said Lawlor’s departure “follows his significant contributions to integrating Vistry and Countryside and transitioning to the partnerships strategy”
Rob Woodward, chair of Vistry said: “On behalf of the board, I would like to thank Tim for his significant contribution to Vistry during his tenure of over four years.”
Vistry this morning also announced it expects to deliver a “modest” profit of around £20m in its half-year results.
It said: ”The profit in H1 was significantly impacted by lower volumes of partner deals due to the hiatus between funding programmes and was also impacted by the timing of land sales and higher finance costs.”
The firm said its actions to generate cash, including enhanced pricing discounts, accelerated asset sales, changes in site mix and changes in build rates, has also hit first half profit by £50m.
Vistry also said it has found £25m of annual overhead savings due to its voluntary exit scheme - whereby staff have been offered exits on enhanced terms - along with what it terms ”the right recruitment controls in the right areas”
Vistry in May issued a warning on its first half profits and has since seen its share price fall. The group is discounting some market homes as part of a strategy to boost cash generation, along with other measures including delaying or slowing the building of some sites.
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