Retirement property developer plans £1.5bn pipeline of projects

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Retirement home developer McCarthy & Stone has reported a 21% increase in turnover in the year to 31 August 2013.

Announcing its annual results, the firm said revenue for the year was £311m, up from £258m the previous year.

It also reported an operating profit of £46m, which it said was a its highest in five years. Last year, it reported opperating profit of £40m.

Mark Elliott, chief executive of McCarthy & Stone, said: “With planned investment of some £1.5bn in over 250 sites over the next four years, I believe the company is well placed for continued growth.

“2013 has been an important and successful year for McCarthy & Stone. Our ongoing strategy to invest in greater numbers of development sites helped deliver a solid set of results and a significant step forward on 2012. With the help of our new investors, the company has been refinanced and put back on a firm financial basis for the first time since the credit crunch.”