Retirement homes developer posts bumper profit and revenue in full-year results
Retirement homes developer McCarthy & Stone has ramped up its planned development spend over the next four years to 拢2.5bn, up from 拢2bn.
The firm made the announcement as it posted strong financial results for the year to August 2015, with pre-tax profit up 42% to 拢80.9m, up from 拢57.1m, while revenue jumped 25% to 拢485.7m, up from 拢387.8m.
McCarthy & Stone, led by chief executive Clive Fenton (pictured), bought a record 90 new development sites over the period. The firm said it now intends to spend 拢2.5bn on land and developments over the next four financial years.
John White, the firm鈥檚 chairman, said: 鈥淲e continue to capitalise on the increasing demand for specialist retirement housing, driven by a rapidly ageing population and a structural under-supply of this form of accommodation in the UK.
鈥淭he group is well-positioned to benefit from this unprecedented market opportunity, and the scale and quality of our land bank provides significant visibility over the medium-term for our potential rapid growth.鈥�
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