Firm says figure down a third
McCarthy & Stone has confirmed that its profit had decreased by more than 35% in the past 12 months, blaming build cost increases, subdued market conditions, additional marketing activity and increased operating costs for the fall.
In its full year figures, which the company released today, the retirement home specialist saw pre-tax profit nosedive 37% to £58.1m, down from £92.1m last year.
Back in June the group warned its operating profit for 2018 could be a third lower than last year, following a decline in both reservations and property prices.
In its full year results for the 12 months to the end of August, McCarthy & Stone revealed its operating profit had fallen to £63.5m, a decrease of 33%.
Revenue during the period increased by 2% to £672m.