Vistry Group has revised down its expected profit for 2024 by 19% after saying build costs on nine schemes will be higher than projected.

The housebuilder, in a trading update this morning, said it had recently became aware that total full-life cost projections to complete nine of its 46 developments have been understated by 10%.

Vistry estimates the one-off impact of adjusting for the revised development costs will reduce the housebuilder’s adjusted pre-tax profit by £80m this year to £350m. The change will also reduce its adjusted pre-tax profit by £30m in 2025 and £5m in 2026.