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RNS Number : 5509H

Vistry Group PLC

07 April 2022

7 April 2022

Vistry Group PLC ("the Group") signs UK Government's Developer Pledge

No change to expected costs of remediation

Vistry Group strongly believes that the cost of remediation of fire safety issues should not be borne by leaseholders and supports the Government's ambition to deliver a lasting industry solution.

We are pleased to announce that the Group has signed the Department for Levelling Up, Housing and Communities Developer Pledge ("the Pledge") which sets out our commitment to address life-critical fire-safety issues on all buildings of 11 metres and above in England developed by the Group in the 30 years prior to 5 April 2022. As part of the Pledge, the Group will also not claim any funds from the Government's Building Safety Fund and will reimburse any amounts already disbursed by the Fund.

Our estimate of the potential costs of fire safety work arising from the Group's commitment to the Pledge remains consistent with the detail provided in our full year results announcement on 2 March 2022. We continue to expect that the implied further remediation costs will be in the range of GBP35m to GBP50m, in addition to the Group's existing fire safety provision of GBP25.2m as at 31 December 2021. We are increasing our dedicated resource to effectively manage these remediation works and expect this to result in an increase to Group administrative expenses of c. GBP1.5m to GBP3.0m p.a.

For further information please contact:

 
Vistry Group PLC                           01675 437160 
 Earl Sibley, Chief Financial Officer       020 7250 1446 
 Susie Bell, Head of Investor Relations     vistry@powerscourt-group.com 
 
 Powerscourt 
 Justin Griffiths, Nick Dibden, Victoria 
 Heslop 
 

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April 07, 2022 02:01 ET (06:01 GMT)

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