Rolling coverage of the latest economic and financial news, on a shortened Christmas Eve trading session in London

Housebuilder Vistry is firmly on the City’s naughty list, after reporting its third profit warning of the year (see earlier post).

Shares in Vistry have plunged by almost 20% at the start of trading, making it the worst performer on the FTSE 250 index of medium-sized companies.

Vistry’s festive season is anything but merry, with profit guidance sliding down the chimney once again, this time from £300m to c.£250m, as delays to year-end transactions failed to make it onto the nice list.

This marks the group’s third profit downgrade of the year, a troubling trend driven by a string of poor management decisions and forecasting missteps that have left investors feeling far from jolly. Even a late cash influx in December couldn’t light up the season, with net debt now expected to close the year at around £200m - a far cry from the neutral footing investors had hoped for.