Results for financial year ended 31 August 2012

25 October 2012

Leading retirement housebuilder, McCarthy and Stone, has today announced its strongest financial performance since the 2007/08 deterioration in the housing market and the onset of the ‘credit crunch’.

In the year to 31 August 2012, McCarthy and Stone generated 1,370 sales, delivering 12% growth in revenue to £257.7m and 10% growth in EBITDA to a five year high of £39.9m, in spite of the continuing difficult housing market. Trading cash flow before reinvestment in land acquisition and construction grew to £196m.

Commenting on the results, Chief Financial Officer, Nick Maddock said: “We agreed a set of stretching targets with our lenders last autumn and I'm pleased to say we delivered better than expected sales, profit and cash.  We're now looking forward to 2013, when our strategy of investment in the growth of the core business really pays off, with the planned opening of 47 new developments driving strong forecast growth in EBITDA.”

Chairman, Alan Bowkett, added: "This pleasing set of results, and the prospect of robust growth in 2013 and beyond, has generated renewed interest in the company in the secondary market. As a result, we have met with our stakeholders this week and are starting to look at strategic options to accelerate the achievement of our goals and take full advantage of the growth in our market.

“In this context, we are starting a process to select and appoint financial advisers to the company.”

For more information:
Andrew Baud,
andrew.baud@talapr.co.uk, 020 3397 3383 or 07775 715775

Notes to Editors

McCarthy & Stone is Britain’s leading builder of retirement apartments, responsible for the construction of more than 40,000 homes for more than 45,000 residents.  The company is renowned for its focus on the needs of people in later life.

 

 

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