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07 Nov 2019 | 09:28

McCarthy & Stone expects full-year revenue of £720m boosted by increase in average selling price

UK developer and manager of retirement communities McCarthy & Stone has said full-year revenue is expected to be £720m for the 14-month financial year to 31 October, supported by a 3% increase in average selling price to £308,000 and total legal completions of 2,301 units.

Underlying operating profit for the 14-month period is expected to be within the current analyst forecast range of £64m to £71m, compared to 2018 underlying operating profit of £67.5m for the 12 months to 31 August 2018.

The company reported that underlying trading conditions remained challenging during the period due to the impact of ongoing political and economic uncertainty on the secondary housing market.

It said that additional uncertainty over potential stamp duty changes had dented transaction levels, particularly in the South East, resulting in higher discount and incentive levels compared to the prior year.

At 9:28am: (LON:MCS) McCarthy Stone Plc share price was +2p at 141.5p

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