Retirement housing developer McCarthy & Stone has posted a 4% rise in total revenues to £660m in the year to 31 August.
The result represents a recovery from its previous year’s results, which included a year-on-year profit fall of 25%. Brexit-related uncertainties were behind the decrease.
The developer has also developed its venture with Places for People, which has given the housebuilder access to the growing rental market.
The venture resulted in the sale of 126 flats across 27 sites to be held in a specialist PRS vehicle which is being funded and managed by PfP Capital, the fund management business of Places for People.
The company added that its workflow remained on track to support its growth strategy. It started construction on 73 sites this year.
The company said: “The group delivered a consistent improvement in trading throughout the year despite the increased uncertainty in the secondary market following the EU referendum result in June 2016 and the General Election in June 2017.
“The demand for high-quality retirement housing remains strong and the group remains confident of delivering its medium-term growth objective of building and selling more than 3,000 units per annum.”
Its full-year results will be announced on 14 November.
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