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McCarthy & Stone has confirmed its operating profit for the first six months of the current financial year will be below last year鈥檚 figure of 拢23.1m.

The retirement home builder said the downturn was a result of the level of investment required to deliver completions in the second half, additional marketing activity 鈥� including a new television advertising campaign 鈥� and an increase in the number of part exchange deals.

Last year鈥檚 first half operating profit was itself down 23% on the 2015鈥檚 拢30.1m.

The firm said its profit would be more heavily weighted to the second half than previously expected, with first half operating profit likely to be around 12% of current market expectations for the year.

But it said a 16% increase in its forward order book to 拢487m and a higher level of first occupations in the second half meant it believed it would hit current market forecasts, 鈥渁lbeit with continuing uncertainty resulting from the government announcement on ground rents鈥�.

On the issue of ground rents, the firm鈥檚 chief executive Clive Fenton said was 鈥渁ctively engaging with the government in an effort to secure an exemption from the proposed changes to ground rents .

鈥淲e believe that there is a strong case for a very specific exemption for the retirement housebuilding sector and we are seeking swift clarification on this matter,鈥� he added.

McCarthy & Stone will announce results for its half year to 28 February 2018 on 11 April.