Specialist housebuilder McCarthy & Stone lifted pre-tax profit 19% in the six months to 28 February despite delaying some developments after 11 September hit demand.
The group, which specialises in retirement home developments, said last November that it had stalled some developments and frozen recruitment. However, chairman John McCarthy said he remained positive: "Although there was a temporary blip last autumn, the market recovered to a sound level and we finished the half-year strongly."

He said sales increased 9% to 619 units compared with 570 units in the same period last year, and the group's average selling price was 10% higher at £103,100. This led to a rise in interim pre-tax profit from £18.6m to £22.1m on turnover that was 9% higher at £63.9m.

McCarthy said: "This outcome is particularly commendable bearing in mind the events of 11 September, which occurred at the beginning of the financial period and came on top of what appeared to be a weakening economic outlook in the UK as well as the USA."

After a temporary blip, we finished the half-year strongly

John McCarthy, chairman