The partnerships house builder blamed delays to expected year-end transactions and completions for the shortfall.

In the firm’s year-end trading update, Greg Fitzgerald, executive chairman and chief executive, said that a number of agreements with its partners expected to complete this year had taken longer to conclude.

Also Vistry has chosen not to proceed with several proposed transactions where the commercial terms on offer were not sufficiently attractive.

Fitzgerald said that he believed more attractive options would be available next year.

He added that the delayed income meant that year-end net debt would be in the region of £200m.

“Today’s announcement and the financial outcome for FY24 is disappointing,” said Fitzgerald.

“Our top priority for 2025 is to continue building and delivering high-quality mixed tenure new homes for our partners and private customers, and to do our part in addressing the country’s acute housing shortage.

“We remain committed to our partnership housing strategy and are firmly focused on positioning the business to move forwards and rebuild profitability.

“We have also seen a delay to some open market completions expected in FY24 which has, to a lesser extent, contributed to the profit impact.”