Retirement home builder McCarthy & Stone (MCS) expects to deliver a stronger second half after sales in the first half were a little lower than the previous year. This reflected a lower forward order book brought into the year, the weighting of completions from higher-margin sites and a lower number of sales releases. Half-year revenue is expected to be around £238m, compared with £250m a year earlier.
However, detailed planning consent has been secured on 34 sites for 1,314 units. That's up sharply from 19 sites and 780 units a year earlier, and full-year results are expected to be in line with market expectations.
Average selling prices rose by 1 per cent to £260,000, while completions were down from 923 to 866, although the group retains its growth objective to build more than 3,000 units per year.
