Retirement homes developer posts bumper profit and revenue in full-year results
Retirement homes developer McCarthy & Stone has ramped up its planned development spend over the next four years to £2.5bn, up from £2bn.
The firm made the announcement as it posted strong financial results for the year to August 2015, with pre-tax profit up 42% to £80.9m, up from £57.1m, while revenue jumped 25% to £485.7m, up from £387.8m.
McCarthy & Stone, led by chief executive Clive Fenton (pictured), bought a record 90 new development sites over the period. The firm said it now intends to spend £2.5bn on land and developments over the next four financial years.
John White, the firm’s chairman, said: “We continue to capitalise on the increasing demand for specialist retirement housing, driven by a rapidly ageing population and a structural under-supply of this form of accommodation in the UK.
“The group is well-positioned to benefit from this unprecedented market opportunity, and the scale and quality of our land bank provides significant visibility over the medium-term for our potential rapid growth.”