Retirement housing builder begins 拢1.5bn development push
McCarthy & Stone has ramped up its land acquisition as part of its four-year 拢1.5bn development push.
In its half-year results to 28 February, the retirement housing builder said it bought 34 development sites over the period totalling 1,109 plots, up from 23 sites covering 892 plots the previous year.
The land buying push is part of the firm鈥檚 plan to invest 拢1.5bn in development projects over the next four years, as announced in November.
McCarthy & Stone鈥檚 revenue grew 49% to 拢149.7m over the half-year period, up from 拢100.4m the previous year, driven by higher volumes and selling prices.
Underlying profit, known as Ebitda, grew 106% to 拢21.6m for the period, up from 拢10.5m the previous year, while net profit hit 拢11.5m, reversing a loss of 拢9.3m.
Legal completions grew 30% to 659 units (2013: 506) and the average selling price rose 17% to 拢205,000 (2013: 拢175,000).
John White, chairman said: 鈥淲e are pleased to report significant improvements across our operations.
鈥淲e remain focused on leading the retirement housing market, both in terms of unit delivery and build quality, while growing our business profitably.
鈥淥ur previously announced business review, which is currently being implemented, will ensure that we operate efficiently while providing an increase in much-needed retirement housing across the whole market.鈥�
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