LISTEN: McCarthy & Stone has seen revenues rise 33% in the six months to the end of February 2016.
The retirement home builder posted revenues of £250.2m based on 923 completions, up from 776 in the same period of 2015.
However pre-tax profit is flat year-on-year and operating profits actually fell 11% to £30.1m from £33.8m.
These were largely due to the costs of flotation in March 2016 and the relocation to new offices and new infrastructure expenditure.
The flotation did however help reduce the gearing from 16% of the value in the company to 4%.
Commenting on the results, John White, group chairman, said:
“The group has made strong progress in the period with its strategy of investment to create an efficient and scalable business capable of building and selling more than 3,000 units per annum.
“As a result of our strong performance since listing, I am pleased to be able to announce an interim dividend of 1p per share which will be paid on 31 May 2016 to holders of ordinary shares on the register at the close of business on 29 April 2016. The board is guiding towards a final dividend for the year of not less than 3.5p per share, giving a total dividend for the year of not less than 4.5p per share.”
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