Retirement housebuilder McCarthy & Stone has reported a fall in pre-tax profits of more than 33% to £58.1m ($75.1m) for the year to 31 August 2018, citing weaker demand as older people encounter difficulty in selling their home to move to a retirement property. The company said it had seen an increase in sales from those aged 65 and over, but that this was down on last year. Revenue for the year rose 2% to £676.1m. The company unveiled a transformation strategy in September, moving the business focus away from growth and towards return on capital employed and operating margins, said new CEO John Tonkiss.
Retirement housebuilder McCarthy & Stone has reported a fall in pre-tax profits of more than 33% to £58.1m ($75.1m) for the year to 31 August 2018, citing weaker demand as older people encounter difficulty in selling their home to move to a retirement property. An increase in building costs and the use of part-exchange were also contributing factors. Revenue for the year rose 2% to £676.1m. The company unveiled a transformation strategy in September, moving the business focus away from growth and towards return on capital employed and operating margins, said new CEO John Tonkiss.