McCarthy & Stone has seen total revenue rise by 31% to £635.9m in its annual results to the end of August 2016.
The retirement housebuilder’s completions increased by 20% to 2,299 units, while net average selling price increased by 8% to £259,000.
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Chief executive Clive Fenton said that while there was a difficult eight weeks of trading after the referendum, sales, reservations and cancellation rates have since recovered.
McCarthy & Stone bought a further 65 sites over the year and has a total land bank of 10,186 plots, equivalent to 4.4 years’ supply.
The results said that while there will be some impact on the growth in 2017 in H1 to a slower forward order book from the referendum, its medium term strategic objective of building and selling 3,000 units per annum remains unchanged.
FY16 |
FY15 |
Change |
|
|---|---|---|---|
| Revenue | £635.9m | £485.7m | 31% |
| Legal completions | £2,299 | £1,923 | 20% |
| Net average selling price | £259k | £239k | 8% |
| Underlying profit before tax | £105.0m | £88.4m | 19% |
| Profit before tax | £92.9m | £80.9m | 15% |
| Adjusted underlying basic earnings per share | 16.1p | 14.8p | 9% |
| Underlying operating profit | £107.2m | £95.3m | 12% |
| Operating profit | £95.1m | £87.8m | 8% |
| Net cash/ (debt) | £52.8m | (£44.4m) | +£97.2m |
| Gearing5 | -8% | 8% | 16ppt |
| Return on capital employed (ROCE) | 20% | 20% | – |
| Total proposed dividend per share | 4.5p | – | – |
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