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UK housebuilder Vistry warns of ‘significantly’ lower profits amid Iran war uncertainty

about 19 hours ago
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One of the UK’s biggest housebuilders has said its profits will be “significantly” lower, as it was forced to cut prices after heightened uncertainty caused by the US-Israeli war on Iran.Vistry’s shares plunged 10.5% in early trading on Wednesday, hitting their lowest level in nearly 15 years, as it told shareholders its first-half profits would be hit by the fallout from the Middle East conflict.In a stock market update hours before its annual general meeting, the housebuilder, which owns Bovis Homes, Countryside and Linden Homes, said circumstances had changed since it last updated investors in March.It said: “The level of macroeconomic uncertainty has increased, and with it the range of potential outcomes for the current year.

”While the rate of sales was higher than a year earlier, buyers had become cautious in recent weeks, “reflecting uncertainty arising from the Middle East conflict”, it said.The war had “created some upward pressure” on the costs of building materials and worker wages, which were likely to continue into the second half of the year, it added.Vistry said it was “mitigating these where possible”, including by negotiating with its suppliers, and in the meantime was trying to lure buyers through bigger incentives and discounts.Together, those efforts are expected to weigh on profits, Vistry said.It has also halted its programme of buying its own shares “to prioritise debt reduction”.

“We expect [first-half] profit to be significantly lower than the prior year,” the company said, adding that it expected a partial recovery in the second half of the year, with profits due to be flat compared to 2025.It said adjusted pre-tax profits for the entirety of 2026 would probably be in the “middle of the range” of analyst forecasts.Vistry’s new chief executive, Adam Daniels, is now launching a company-wide “operational review”, with the results expected to be announced in September.Vistry has been no stranger to unexpected drops in profit, having issued three profit warnings in 2024.Bosses managed to stabilise the business, reporting a 2% rise in adjusted pre-tax profit for the 2025 financial year.

“Vistry’s trading update paints a bleak picture of the UK housing market,” said Anthony Codling, a managing director of equity research at RBC Capital Markets.“Today’s update contains good and bad news: progress is being made, but market conditions are providing little, if any, help and execution risks remain high.Vistry is not out of the woods yet, but it is one step closer to the edge of the forest.”Meanwhile, the estate agent Savills said that while it was trading marginally ahead of forecasts, it was expecting the Iran war to weigh on UK housing sales.“Within our key ​UK market … ​we have seen greater caution ​among both buyers and sellers ‌since the onset of the Middle East conflict,” it said.

It added that its Middle Eastern business, which accounts for roughly 5% of its annual underlying profits, had also “slowed materially” during the crisis.
foodSee all
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How to make arancini – recipe | Felicity Cloake's Masterclass

Before I wrote this recipe, it hadn’t occurred to me that the word “arancini” means “little oranges”, and, plump, round and golden as they are, it makes sense, too. Indeed, these robust rice balls, which are said to have come to Sicily with Arab invaders in the 10th century, are now, according to the late Antonio Carluccio, the local equivalent of a sandwich lunch.Prep 25 min Cook 45 min Makes 8 large ballsFor the risotto700ml chicken stock, or vegetable stock100ml white wine (optional)250g short-grain rice (eg, arborio)½ tsp salt, plus extra to season1 very generous pinch saffron (optional)50g parmesan, or grano padano or vegetarian alternative, gratedBlack pepperFor the arancini2 eggs plus 1 egg yolk100g mozzarella, drained and cut into chunksOptional other fillings of your choice – meat ragu, pesto, sauteed mushrooms, wilted or defrosted greens170g plain flour 250g fine dried breadcrumbs (preferably not panko)Neutral oil, for fryingFlaky sea salt, to finish (optional)Risotto is a northern Italian dish, so Sicilian arancini weren’t designed with it in mind, but they are great vehicles for risotto leftovers. My recipe is intended for 700g cooked rice, but adjust the fillings and coating according to what you have; these are also a great way to repurpose small amounts of ragu, cooked vegetables, fish or meat.If you’re cooking the rice from scratch, put the stock and wine (or substitute 100ml extra stock, if you prefer) in a medium pan and bring to a boil – I like chicken stock, because I find it the most neutrally savoury, but use whatever suits the fillings you’re using

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Mitsu, London EC2: ‘Determinedly fun and delicious’ – restaurant review | Grace Dent on restaurants

No spoilers, but I knew even before I’d reached for my chopsticks that Mitsu would be a vast improvement on its predecessor, because it has taken the place of Nobu Shoreditch in the under-gusset of the Aethos hotel, a Swiss-owned “lifestyle hospitality brand”, in east London. Nobu was gargantuan, moodily lit (that is, pitch black), woundingly expensive and terrifically hard to book, despite having something like 797 seats; it was also one of the most soulless London restaurants of the past 25 years. Nobu Shoreditch felt symbolic: it was where all the raffish hope of the 1990s YBA crowd and the early noughties electroclash heads went to die.But that was then, and now, in 2026, the Aethos crew has deftly brightened and lightened the mood of the room, making it actually cosy and adding a twinkly central bar; there’s an open robata kitchen and roomy booths, as well as a pretty Japanese garden. Mitsu calls itself an izakaya, which is what European restaurateurs always say when they mean the Japanese-influenced food isn’t too po-faced and you can get really tipsy on sake

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Benjamina Ebuehi’s recipe for Mexican-style vanilla bean flan | The sweet spot

I started the year in one of my favourite places: Mexico City. I’ve since become one of those annoying people who finds a way to bring it up in nearly every conversation, so please indulge me just this once! Each time I’ve been to Mexico, I develop a new fixation, and this year I ate a considerable amount of flan. It’s seen as a bit of a retro dish here in the UK, and perhaps a little divisive, but I love it.Mexican-style flan is typically made with condensed milk, giving it a gorgeous, silky, creamy texture. I’ve also added plenty of vanilla – brought back from my trip, of course

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How to match wine with vegetables

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‘Restaurants won’t survive’: Michelin chef opens venues abroad to withstand UK taxes

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Rachel Roddy’s recipe for spring chicken thighs with spring onions, mint and peas | A kitchen in Rome

The weather lately has been as temperamental as peas in pods. But peas are even harder to read than the sky: some pods contain sweet things no bigger than peppercorns, which explode when you bite them; the contents of others, however, are closer to small ball bearings, their size very likely a sign that all the natural sucrose has been metabolised and transformed to pea starch. The best thing for the tiny ones is to snack on them alongside a bit of cheese, whereas the path for big ones is the same as for dried peas, so pea and ham soup or a long-simmered puree.The Guardian’s journalism is independent. We will earn a commission if you buy something through an affiliate link

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Ah, ah, ah, ah - I saved my dad’s life with a little help from The Office and the Bee Gees

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