Vistry, a UK-based housebuilder, has reported significant financial difficulties, with pre-tax losses of £661.3 million for the six months ending June 30, compared to profits of £40.9 million in the same period last year. The company is now undergoing a major restructuring, which includes cutting jobs and reducing its regional operations from 25 to 12 areas. The new chief executive, Adam Daniels, said these changes are intended to make the business "much smaller but more focused," aiming to improve its long-term prospects. As part of this, Vistry is also exiting the private home sales market in the South East of England. The company has already experienced the departure of around 350 employees since the summer, including those who left through a voluntary redundancy program that helped save £25 million earlier this year. More job cuts and site closures are expected, though the exact number of affected workers has not been revealed. The financial losses were largely due to a £475 million write-down and an additional £73.2 million provision for building safety in high-rise properties, which came in the aftermath of the Grenfell Tower fire tragedy in 2017. On an underlying basis—excluding one-time charges—the company reported pre-tax losses of £83.3 million, compared to profits of £80.6 million in the same period last year. Vistry has also adjusted its full-year financial expectations, lowering its guidance to around £165 million from a previous forecast of £200 million. This revised outlook excludes a £40 million impact from delayed deals and an estimated £470 million in write-downs expected by the end of the year. Despite these challenges, the company has assured investors it does not plan to ask for additional funding and has received support from lenders, who have relaxed some banking requirements due to the ongoing restructuring.