VTY Vistry Group Plc

profit or loss during the period that the hedged forecast cash flows affect 
profit or loss.  As the Group's current hedged instruments are currently 
ineffective, movements are taken through the income statement so this will have 
no practical impact. 
IFRIC15 - Agreements for the Construction of Real Estate.  IFRIC15 provides 
guidance on whether the construction of real estate should be accounted for 
under IAS11 or IAS18.  The Group already accounts for the construction of real 
estate in accordance with IFRIC15 and accordingly this interpretation which is 
effective from 1 January 2010 will have no impact upon the Group. 
Accounting policies for new transactions and events: 
IAS20 - Accounting for Government Grants and Disclosure of Government 
Assistance.  During the half year to 30 June 2010, the Group has been granted 
assistance for the development of several sites by the Homes and Communities 
Agency (HCA).  The grants issued by the HCA have been treated as government 
grants under this accounting standard. 
IAS31 - Interests in Joint Ventures.  Following the purchase of a 50% share in 
Bovis Peer LLP, the Group has used the equity method of accounting for its 
interest in the joint venture. 
IFRS4 - Insurance Contracts.  The recent launch of the Group's 'The Perfect 10' 
mortgage product in partnership with Barclays will provide Bovis Homes' 
customers the ability to secure a 90% Loan To Value mortgage at a fixed interest 
rate of 4.99% for two years.  Under the terms of the contract, the Group will 
partly indemnify the bank if a borrower defaults and the bank repossesses and 
incurs a financial loss in so doing.  The Group regards such contracts as 
insurance contracts and they will be treated as such under this accounting 
standard.  There is no practical effect on the half-yearly financial report but 
an effect is expected on the full year financial statements. 
2              Seasonality 
In common with the rest of the UK housebuilding industry, activity occurs 
year-round, but there are two principal selling seasons: spring and autumn.  As 
these fall into two separate half years, the seasonality of the business is not 
pronounced, although it is biased towards the second half of the year under 
normal trading conditions. 
3              Segmental reporting 
All revenue and profit disclosed relate to continuing activities of the Group 
and are derived from activities performed in the United Kingdom. 
4              Exceptional items 
The Group has reviewed the carrying costs of its inventory items, comparing the 
carrying cost of the asset against estimates of net realisable value.  Net 
realisable value has been arrived at using the Board's estimates of achievable 
selling prices taking into account current market conditions, and after 
deduction of an appropriate amount for selling costs.  No land write-down or 
provision for onerous land contracts was made in the six months ended 30 June 
2010 (six months ended 30 June 2009: GBP9.8 million total exceptional items; 
year ended 31 December 2009: GBP2.7 million total exceptional items). 
5              Earnings/(loss) per share 
+------------------------+------------+--+------------+--+--------------+-+ 
| (unaudited)            | Six months |  | Six months |  |   Year ended | | 
|                        |      ended |  |      ended |  |              | | 
+------------------------+------------+--+------------+--+--------------+-+ 
|                        |    30 June |  |    30 June |  |  31 December | | 
|                        |       2010 |  |       2009 |  |         2009 | | 
+------------------------+------------+--+------------+--+--------------+-+ 
|                        |      pence |  |      pence |  |        pence | | 
+------------------------+------------+--+------------+--+--------------+-+ 
|                        |            |  |            |  |              | | 
+------------------------+------------+--+------------+--+--------------+-+ 
| Basic and diluted      |        1.8 |  |       (5.5 | )*|          2.8 | | 
| earnings/(loss) per    |            |  |            |  |              | | 
| share                  |            |  |            |  |              | | 
+------------------------+------------+--+------------+--+--------------+-+ 
| Pre exceptional basic  |        1.8 |  |        0.4 |  |          4.4 | | 
| and diluted earnings   |            |  |            |  |              | | 
| per share              |            |  |            |  |              | | 
+------------------------+------------+--+------------+--+--------------+-+ 
* As a loss per share cannot be reduced through dilution, the dilution 
adjustment was not applied to the calculation of diluted earnings per share for 
the six months ended 30 June 2009. 
Basic earnings/(loss) per share 
Basic earnings per ordinary share for the six months ended 30 June 2010 is 
calculated on a profit after tax of GBP2,393,000 (six months ended 30 June 2009: 
loss after tax of GBP6,576,000; year ended 31 December 2009: profit after tax of 
GBP3,490,000) over the weighted average of 133,168,667 (six months ended 30 June 
2009: 120,376,631; year ended 31 December 2009: 124,179,686) ordinary shares in 
issue during the period. 
Basic earnings per ordinary share before exceptional items for the six months 
ended 30 June 2010 is calculated on the pre-exceptional profit after tax of 
GBP2,393,000 (six months ended 30 June 2009: profit after tax of GBP511,000; 
year ended 31 December 2009: profit after tax of GBP5,453,000).  There is no 
basic earnings or loss per share on exceptional items for the six months ended 
30 June 2010 (six months ended 30 June 2009: exceptional loss after tax of 
GBP7,087,000; year ended 31 December 2009: exceptional loss after tax of 
GBP1,963,000).  In all cases this is expressed on a per share basis using the 
weighted average share information disclosed above. 
Diluted earnings/(loss) per share 
Under normal circumstances, the average number of shares is diluted by reference 
to the average number of potential ordinary shares held under option during the 
period.  This dilutive effect amounts to the number of ordinary shares which 
would be purchased using the aggregate difference in value between the market 
value of shares and the share option exercise price.  The market value of shares 
has been calculated using the average ordinary share price during the period. 
Only share options which have met their cumulative performance criteria have 
been included in the dilution calculation. 
The Group's diluted weighted average ordinary shares potentially in issue during 
the six months ended 30 June 2010 was 133,207,512 (six months ended 30 June 
2009: 120,392,032; year ended 31 December 2009: 124,203,192). 
6              Dividends 
The Board determined on 20 August 2010 that no interim dividend for 2010 be paid 
(2009: nil). 
7              Taxation 
Income tax comprises the sum of the tax currently payable or receivable and 
deferred tax.  Income tax is recognised in the income statement except to the 
extent that it relates to items recognised directly in equity, in which case it 
is recognised in equity.  The tax currently payable or receivable is based on 
taxable profit or loss for the year and any adjustment to tax payable or 
receivable in respect of previous years.  Taxable profit or loss differs from 
net profit or loss as reported in the income statement because it excludes items 
of income and expense that are taxable or deductible in other years and it 
further excludes items that are never taxable or deductible.  The Group's 
liability or asset for current tax was calculated using a rate of 28%. 
Deferred tax is the tax expected to be payable or recoverable on differences 
between the carrying amounts of assets and liabilities in the financial 
statements and the corresponding tax bases used in the computation of taxable 
profit, and is accounted for using the balance sheet liability method.  Deferred 
tax liabilities are generally recognised for all taxable temporary differences 
and deferred tax assets are recognised to the extent that it is probable that 
taxable profits will be available against which deductible temporary differences 
can be utilised.  Such assets and liabilities are not recognised if the 
temporary differences arise from non-tax deductible goodwill, from the initial 
recognition of assets and liabilities in a transaction that affects neither the 
tax profit or the accounting profit, and from differences relating to 
investments in subsidiaries to the extent that they will probably not reverse in 
the foreseeable future.  The carrying amount of deferred tax assets is reviewed 
at each balance sheet date and reduced to the extent that it is no longer 
probable that sufficient taxable profits will be available to allow all or part 
of the assets to be recovered.  Deferred tax is calculated at the tax rates that 
are expected to apply in the period when the liability is settled or the asset 
is realised.  Deferred tax is charged or credited in the income statement, 
except when it relates to items charged or credited directly to reserves, in 
which case the deferred tax is also dealt with in reserves. 
8              Related party transactions 
Transactions between fellow subsidiaries, which are related parties, during the 
first half of 2010 have been eliminated on consolidation, as have transactions 
between the Company and its subsidiaries during this period.  The Group's 
associates and joint ventures are disclosed in the Group's Annual report and 
accounts 2009.  Since 31 December 2009 the Group has invested in Bovis Peer LLP, 
a joint venture.  The purpose of this entity is to invest in residential 
property. 
In the six months ended 30 June 2010, inventory was sold to Bovis Peer LLP for a 
cash consideration of GBP25,859,250 (six months ended 30 June 2009: nil; year 
ended 31 December 2009: nil).  Half of the revenue and profit in respect of the 
sale to the joint venture has been eliminated from the Group results in 
accordance with IAS 31.  Fees earned in respect of lettings management services 

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