{"id":46852,"date":"2018-09-06T14:18:50","date_gmt":"2018-09-06T13:18:50","guid":{"rendered":"https:\/\/www.pbctoday.co.uk\/news\/?p=46852"},"modified":"2018-09-06T14:18:50","modified_gmt":"2018-09-06T13:18:50","slug":"mccarthy-stone","status":"publish","type":"post","link":"https:\/\/www.pbctoday.co.uk\/news\/planning-construction-news\/mccarthy-stone\/46852\/","title":{"rendered":"McCarthy & Stone expects full-year profits to fall by 32%"},"content":{"rendered":"

Retirement housebuilder, McCarthy & Stone<\/a> has confirmed it expects its full-year operating profit to fall by up to 32% for the year, following a decline in reservations and property prices<\/h2>\n

In a trading update, McCarthy & Stone said that annual results for the year to August, to be filed in November, would reveal operating profit down from last year\u2019s \u00a396m to around \u00a365m-\u00a373m, which is at the lower end of previous expectations.<\/p>\n

McCarthy & Stone says it has dealt with what it called \u201ccontinuing economic uncertainty and a slower secondary market\u201d.<\/p>\n

Back in June,\u00a0the group warned its operating profit for 2018 could be a third lower than last year, following a decline in both reservations and property prices<\/a>.<\/p>\n

McCarthy & Stone, which will officially report its numbers for the year to the end of August 2018 on 13 November, said total legal completions fell 7% to 2,134 units.<\/p>\n

It said volumes and operating profit had been constrained, \u201cas expected\u201d, by the heavy weighting of first occupations in the second half, continuing economic uncertainty<\/a> and a slower secondary market.<\/p>\n

The group also said prices had softened in the second half, particularly in the south of the country.<\/p>\n

John Tonkiss, who became McCarthy & Stone\u2019s interim chief executive, said it had been a tough year for the group with \u201congoing adverse market conditions continuing to impact the business, and without the benefit of any additional government support for the retirement housing sector\u201d.<\/p>\n

In April the group had urged the government not to slap leasehold reforms on the retirement homes sector, following an earlier pledge from the then-communities secretary Sajid Javid to crack down on \u201cfeudal practices\u201d within the leasehold system<\/a> in England, including a ban on leaseholds for almost all new build houses.<\/p>\n

Tonkiss added: “In light of the continuing challenging market conditions, the group began a review of its strategy in April.\u00a0 As previously announced, our strategic focus will be on pursuing a more measured trajectory and smoothing our workflow to create a more efficient business.\u00a0 This will naturally lead to a right-sizing of our cost base, with build cost savings being a key area of focus.<\/p>\n

\u201cAdditionally, we are continuing to trial a number of strategic initiatives designed to increase customer appeal and offer a broader choice of tenure options, increased flexibility and affordability.\u00a0 We will provide the market with more detail on this at our strategy update later this month.<\/p>\n

“We are continuing to engage with government in an effort to secure an exemption from the proposed changes to ground rents.\u00a0 We believe that there is a strong case for a specific exemption for the retirement housebuilding sector and we are awaiting clarification on this matter.<\/p>\n

\u201cUntil this is received, we continue our planning to try and mitigate the potential impact on the business, including maintaining discipline around our cash position and adopting a more measured approach to securing land.\u201d<\/p>\n

\n<\/div>","protected":false},"excerpt":{"rendered":"

Retirement housebuilder, McCarthy & Stone has confirmed it expects its full-year operating profit to fall by up to 32% for the year, following a decline in reservations and property prices<\/p>\n","protected":false},"author":16,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[304],"tags":[283,276,572,656,747],"stakeholder_rel_tag":[],"contributor_rel_tag":[],"class_list":{"0":"post-46852","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-planning-construction-news","7":"tag-finance","8":"tag-government","9":"tag-housebuilding","10":"tag-housing","11":"tag-property"},"acf":[],"yoast_head":"\nMcCarthy & Stone expects full-year profits to fall by 32%<\/title>\n<meta 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