McCarthy & Stone shares rise despite profit fall

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McCarthy & Stone’s share price rose 0.95% on Wednesday to 127.5p despite half-year results revealing a 66% fall in pre-tax profit.

The group said pre-tax profit had been hit by £14m of exceptional costs incurred in relation to the delivery of the group’s new strategy, which it launched a year ago before issuing a profit warning in June. Underlying operating profit, however, increased by 47% to £21m.

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