Vistry Group, one of Britain’s biggest housebuilders, has cut its annual profit expectations after half-year losses ballooned as it grappled with a £600m pile of unsold homes.

Adam Daniel, the new chief executive of the Bovis Homes and Countryside owner, insisted “the issues can be fixed” as he set out a detailed turnaround plan that involves pulling out of private sales in south-east England and slimming operations to turn Vistry into a more focused, 12,000-homes-a-year builder.