McCarthy & Stone boosts profit 27%

Retirement home specialist McCarthy & Stone increased its pre-tax profit 27% to £147.8m in the year to 31 August. Turnover improved 24% to £317.2m as the average selling price increased 18% to £154,300.

A total of 2,055 units were sold in the year, compared with 1,948 in the previous year. Good performances were posted in Scotland, the North West and the Midlands, plus in the group's newer regions of north London, Western and the North East. However, the South East "faced the challenges of selling areas closer to London".

During the year only 13 sites were acquired unconditionally and the group was able top secure planning consents within the year on four of them.

Chairman and chief executive Keith Lovelock said: "We had another good year for land acquisition and achieved a record number of planning consents although, despite the Barker Review, the planning process has not improved.

"Indeed, it was principally planning factors that caused us to fall a little short on our projected construction starts and imposed constraints on our construction programmes during the year."

Lovelock also highlighted that at the year end, "we were delayed from taking first occupations on certain sites by the utility companies being unable to provide connections on a timely basis."