Retirement housebuilder McCarthy & Stone has reported a fall in pre-tax profits of more than 33% to £58.1m (£676.1m) 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 $75.1m. 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.