Retirement property developer plans 拢1.5bn pipeline of projects
Retirement home developer McCarthy & Stone has reported a 21% increase in turnover in the year to 31 August 2013.
Announcing its annual results, the firm said revenue for the year was 拢311m, up from 拢258m the previous year.
It also reported an operating profit of 拢46m, which it said was a its highest in five years. Last year, it reported opperating profit of 拢40m.
Mark Elliott, chief executive of McCarthy & Stone, said: 鈥淲ith planned investment of some 拢1.5bn in over 250 sites over the next four years, I believe the company is well placed for continued growth.
鈥�2013 has been an important and successful year for McCarthy & Stone. Our ongoing strategy to invest in greater numbers of development sites helped deliver a solid set of results and a significant step forward on 2012. With the help of our new investors, the company has been refinanced and put back on a firm financial basis for the first time since the credit crunch.鈥�
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