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Interim Results

McCarthy & Stone's H1 profit falls, on track for FY

05 April 2017 07:18

McCarthy & Stone said it is on track to meet FY market expectations after its H1 pretax profit fell 25% amid trading constrained by a lower forward order book.

The retirement housebuilder said its H1 pretax profit was £21.8m, down from £29.0m. Revenue was £238.2m, down from £250.2m. Its interim dividend was 1.8p a share, against 1p a year earlier.

"As previously announced, H1 trading was constrained by the lower forward order book brought into the year as a result of the market uncertainty following the EU Referendum," said McCarthy & Stone.

The order book was also constrained by the anticipated weighting of legal completions from higher margin sites into the second half of the year and the lower number of sales releases during the period, it said.

Total legal completions numbered 866 units in the half, from 923 a year ago. The gross average selling price was £260,000, from £257,000. McCarthy & Stone said it expected further pricing improvements in H2.

Looking further ahead, the company reiterated guidance that its FY outturn was expected to deliver in-line with market expectations.

"With all detailed planning consents in place to deliver targeted sales in FY 2018 and sufficient land under control to deliver targeted sales in FY 2019, the group remains confident of delivering its strategic growth objective of building and selling more than 3,000 units per annum," it said.

Story provided by StockMarketWire.com

Related Company: MCS

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