A weaker property market in the south of England and uncertainty over government policy on ground rents has cut into profits at McCarthy & Stone.
The retirement homes builder said in a trading update yesterday that it expected operating profit for the year to the end of August of between £65m and £73m, at least 24% lower than the past financial year. It had forecast as much as £80m.
Revenue is expected to be slightly ahead of the previous year at £670m, up from £661m in 2017, supported by a rise in the average selling price from £270,000 to £300,000.
