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Recovery for retirement builder McCarthy and Stone after Brexit turbulence

  • 06/09/2017
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Recovery for retirement builder McCarthy and Stone after Brexit turbulence
Retirement house builder McCarthy and Stone has reported a “strong recovery” in the second half of the year, after blaming the Brexit vote for its difficult first half which saw profits crash.

The firm announced revenues had increased by 4% to £660m, with the gross average selling price increasing by 3% to around £273,000.

Back in April the firm reported a 25% drop in profits for the first half of the year, with sales and completions both down, which it blamed on the Brexit vote and the uncertainty it had brought.

However, the firm said that margins have “recovered significantly” since March, though it admitted full-year margins are likely to remain down on an annual basis.

An important factor in this improvement has been the increased use of incentives in order to win business from buyers, which is nonetheless making a dent in the firm’s overall margins. Unlike other housebuilders, which have reported strong performances this week, such as Barratt Developments, McCarthy & Stone does not benefit from government schemes like Help to Buy.

Completions were slightly up on last year at 2,302 compared to 2,296, while forward sales have “steadily improved throughout the year.”

In a statement, the firm said: “The demand for high-quality retirement housing remains strong and the group remains confident of delivering its medium-term growth objective of building and selling more than 3,000 units per annum.”

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