Davy Morning Equity Briefing
Sep 24, 2026
Vistry Group
Downgrades to FY26; CEO review
The group downgraded its FY 2026 adjusted profit before tax (PBT) guidance to £165m from £200m previously. The Chief Executive Officer (CEO) of the business concluded that it wants to exit the market for privately sold homes in the Southeast of England, which will require discounting of inventory.
CVS Group
FY2026 results
CVS previously provided details on its FY2026 results to June 30th in its July trading statement. Overall, the results are in line with our forecasts and the outlook for FY2027 is to perform in line with market expectations. The recommencement of acquisitions in the UK adds an important element to the growth profile.
On the Beach Group plc
FY26 in top half of guided range; FY27 guidance issued
On The Beach announced today that FY26 adjusted PBT will fall in the upper half of its guided range at £22-23m (previously £18-25m), in line with consensus (consensus: £22m, Davy: £23m). Strong late bookings in the summer resulted in 4% bookings growth recovering from only 1% ahead in May. Full year bookings growth of 9% was recorded and total transaction value was up 6%. It is closing the year with £60m in cash and a debt-free balance sheet following returning 15% of the share capital to shareholders in the last two years. Booking momentum is continuing into FY27 with bookings +17% to date. The company has issued FY27 guidance of adjusted PBT in the range of £28-35m (consensus: £30m, Davy: £32.5m).
