Retirement homes developer publishes snapshot of its results
Retirement homes developer McCarthy & Stone is planning to invest £2bn in land and developments over the next four years, according to a full-year trading update published today.
The company plans to invest in buying land for about 12,000 homes as it tries to reach its target of doubling annual production to more than 3,000 units.
The firm acquired land earmarked for the development of around 2,500 homes over the year to 31 August 2014.
McCarthy & Stone said it increased revenue 25% to £389m over the twelve month period, as completions rose 10% to about 1,680 homes.
The company expects to report earnings before interest, tax, depreciation and amortisation of £60m for the year, up from £46m the previous year.
The firm’s full results will be published in November.
In an interview with Building in February McCarthy & Stone chairman John White raised the possibility of a future stock market flotation.
Asked about a flotation, White said all options were on the table. “I couldn’t deny it looks like [we’re heading for flotation],” he said.