Half-year profit plunges at McCarthy & Stone

Clive Fenton at Liberty House 2

McCarthy & Stone, the UK retirement home developer, expects only modest growth over the next two years following plunging profits, a fall in land deals and fewer planning consents in the first half of its financial year.

Pre-tax profit for the six months to 28 February plummeted 52% to £10.5m, while the firm exchanged on 22 land deals and gained 21 planning consents, down from 30 land exchanges and 34 planning consents in the previous year.

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