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McCarthy & Stone PLC (MCS.L)

MCS.L on London Stock Exchange

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Latest Key Developments (Source: Significant Developments)

UK's McCarthy & Stone Sees Modest Growth Over Next 2 Years
Wednesday, 11 Apr 2018 02:00am EDT 

April 11 (Reuters) - McCarthy & Stone PLC ::H1 PROFIT BEFORE TAX OF 10.5 MILLION STG VERSUS 21.8 MILLION STG A YEAR AGO.H1 REVENUE 239.6 MILLION POUNDS VERSUS 238.2 MILLION POUNDS YEAR AGO.H1 UNDERLYING OPERATING PROFIT OF 14.5 MILLION STG VERSUS 24.1 MILLION STG.H1 LEGAL COMPLETIONS 760 VERSUS 864 YEAR AGO.H1 TOTAL LEGAL COMPLETIONS OF 760 UNITS (2017: 864 UNITS) AT AN AVERAGE SELLING PRICE OF £298K (2017: £260K).H1 UNDERLYING OPERATING PROFIT OF £14.5M (2017: £24.1M) IS IN LINE WITH GUIDANCE GIVEN IN MARCH.H1 STATUTORY PROFIT BEFORE TAX OF £10.5M (2017: £21.8M)."ADDITIONAL CAUTION EXERCISED IN DIRECT RESPONSE TO UNCERTAINTY RESULTING FROM GOVERNMENT'S PROPOSALS ON GROUND RENTS".INTERIM DIVIDEND OF 1.9P PER SHARE (2017: 1.8P PER SHARE).YEAR END GUIDANCE REMAINS UNCHANGED AND FULL YEAR OUTTURN IS EXPECTED TO BE IN LINE WITH CURRENT RANGE OF ANALYST FORECASTS.ALL BUILD PROGRAMMES REMAIN ON TRACK TO DELIVER C.80 NEW SALES RELEASES (FY17: 52) AND MORE THAN 65 NEW FIRST OCCUPATIONS BY END OF FY18.LOWER LEVEL OF H1 LAND EXCHANGES,PLANNING CONSENTS IS LIKELY TO RESULT IN MORE MODEST GROWTH TRAJECTORY THAN PREVIOUSLY EXPECTED OVER NEXT 2 FINANCIAL YEARS.  Full Article

Mccarthy & Stone Says ‍FY18 Forward Order Book At 366 Mln​ Stg
Wednesday, 24 Jan 2018 02:00am EST 

Jan 24 (Reuters) - Mccarthy & Stone Plc ::‍FY18 FORWARD ORDER BOOK INCLUDING LEGAL COMPLETIONS CURRENTLY STANDS AT £366M (FY17:£323M)​.‍BUILD ACTIVITY, FIRST OCCUPATIONS REMAIN ON TRACK FOR YEAR WITH C.80 SALES RELEASES STILL EXPECTED FOR FY18 (FY17:52).‍TRADING OUTLOOK FOR FY18 REMAINS IN LINE WITH MARKET EXPECTATIONS​.RECOMMENDING A FINAL DIVIDEND OF 3.6P PER SHARE FOR FY17, WHICH WILL RESULT IN A TOTAL DIVIDEND FOR YEAR OF 5.4P PER SHARE​.  Full Article

Mccarthy & Stone ‍Responds To Media Commentary On Ground Rents​
Thursday, 21 Dec 2017 02:36am EST 

Dec 21 (Reuters) - Mccarthy & Stone Plc ::‍NOTES MEDIA COMMENTARY REGARDING PROPOSAL BY DEPARTMENT FOR COMMUNITIES AND LOCAL GOVERNMENT (DCLG) TO REDUCE GROUND RENTS ON NEW LONG LEASES TO ZERO​.‍MCCARTHY & STONE HAS MADE A CASE TO DCLG FOR EXEMPTION OF RETIREMENT HOUSING PROVIDERS FROM SUCH ACTION​‍.RESPONSE TO MEDIA COMMENTARY ON GROUND RENTS​.‍HAS FULLY DISCLOSED ITS PRACTICE OF AGGREGATING AND SELLING FORWARD ITS FREEHOLD REVERSIONS​.DOES NOT BUILD LEASEHOLD HOUSES AND DOES NOT EMPLOY TYPES OF ESCALATING GROUND RENTS WHICH HAVE BEEN CAUSE OF DCLG'S REVIEW​.‍UNDERSTANDS THAT DCLG ARE CONSIDERING LIMITED EXEMPTIONS FROM THEIR PROPOSED CHANGES TO LEASEHOLD PRACTICES.‍IN FY18, PROFIT TO BE GENERATED BY FREEHOLD REVERSION SALES EXPECTED TO BE £33M, PROFIT STREAM EXPECTED TO INCREASE.‍IN SHORT TERM, IF UNABLE TO SECURE EXEMPTION FROM MEASURES, IT WILL SEEK TO EMPLOY STRATEGIES TO MITIGATE IMPACT ON PROFITABILITY OF CURRENT LAND BANK​.  Full Article

McCarthy & Stone starts new financial year with a strong forward order book
Tuesday, 14 Nov 2017 02:00am EST 

Nov 14 (Reuters) - Mccarthy & Stone Plc :TOTAL DIVIDEND ‍5.4 PENCE PER SHARE VERSUS 4.5 PENCE PER SHARE YEAR AGO.FY REVENUE ‍​ 660.9 MILLION POUNDS VERSUS 635.9 MILLION POUNDS YEAR AGO.MCCARTHY & STONE PLC - ‍ACHIEVED A STRONG RESULT IN H2 AND DELIVERED AN IMPROVEMENT IN BOTH MARGINS AND VOLUMES COMPARED TO FIRST HALF OF FY17​.MCCARTHY & STONE PLC - ‍GROUP STARTS NEW FINANCIAL YEAR WITH A STRONG FORWARD ORDER BOOK AND A ROBUST BALANCE SHEET​.FY PRETAX PROFIT 92.1‍​ MILLION POUNDS VERSUS 92.9 MILLION POUNDS YEAR AGO.MCCARTHY & STONE PLC - ‍ARE ON TRACK TO OPEN C.80 SALES OUTLETS AND DELIVER MORE THAN 65 FIRST OCCUPATIONS IN FY18​.FY LEGAL COMPLETIONS 2302 ‍​ VERSUS 2,296 YEAR AGO.FY AVERAGE SELLING PRICE ‍​273K POUNDS VERSUS 264K POUNDS YEAR AGO.  Full Article

McCarthy & Stone says forward order book up by 241 mln stg since March 1
Wednesday, 5 Jul 2017 02:21am EDT 

July 5 (Reuters) - Mccarthy & Stone Plc ::Trading update.Underlying trading conditions remained stable during period from march to date.Saw some slowing of sales momentum experienced in recent weeks due to uncertainty created by general election.Has continued to make steady progress in increasing its forward order book and reservation rates have remained broadly in line with prior year.Seen upward momentum in average selling prices and margins since 1 March.Average selling prices have exceeded 280,000 stg per unit during period (2016: 265,000 stg).Total forward order book has increased by 241 mln stg (2016: 219 mln stg) since 1 March.Total forward sales including legal completions to date are now in line with prior year at 659 mln stg (2016: 659 mln stg).In light of current uncertainty in market however, it is possible that there may be a modest impact on timing of conversion of existing reservations into completions.Remains confident of delivering 80 new sales releases next financial year, a c.80 pct increase over 44 sales releases forecast for current year.  Full Article

Mccarthy & Stone says to appoint John Tonkiss as COO
Tuesday, 30 May 2017 02:00am EDT 

May 30 (Reuters) - Mccarthy & Stone Plc ::Appointment of chief operating officer.‍John Tonkiss will be appointed as group's chief operating officer, with effect from June 1, 2017​.Tonkiss was previously national operations director at group​.  Full Article

Mccarthy & Stone H1 pre-tax profit down at 21.8 mln pounds
Wednesday, 5 Apr 2017 02:00am EDT 

Mccarthy & Stone Plc : H1 revenue of 238.2 million stg versus 250.2 million stg year ago . H1 profit before tax of 21.8 million stg versus 29.0 million stg year ago . Hy legal completions of 866 versus 923 year ago . Says group reiterates guidance that full year outturn is expected to deliver in line with market expectations . Interim dividend per share 1.8 pence versus 1.0 pence year ago . Further c.16 new site starts expected by end of Q3 FY17 (FY16: 9) thereby providing a high level of confidence in outturn for FY18 and beyond .Remains confident of delivering its strategic growth objective of building and selling more than 3,000 units per annum.  Full Article

Mccarthy & Stone says trading in line with expectations
Wednesday, 25 Jan 2017 02:00am EST 

Mccarthy & Stone Plc : Since its fy16 year end results, announced on 15 november 2016, group has continued to experience normal trading conditions . Year to date reservations are running ahead of prior year and have contributed a further £206m of revenue to group's forward order book .Trading outlook for year remains in line with board's expectations.  Full Article

McCarthy & Stone full-year revenue rises
Tuesday, 15 Nov 2016 02:35am EST 

McCarthy & Stone Plc : Final results . 64 new sales outlets opened during period (FY15: 51), contributing to a 10% increase in net reservations above FY . Delivered strong growth in FY notwithstanding impact of weakness in secondary housing market in July and August following leave vote . Sales leads from new enquiries have increased and first time visitors to developments have also been ahead of prior year . Underlying profit before tax 2 increased by 19% to £105.0m (FY15: £88.4m) . Revenue increased by 31% to a new record of £635.9m (fy15: £485.7m) . Legal completions increased by 20% to 2,299 units (fy15: 1,923) . Net average selling price increased by 8% to £259k (fy15: £239k) . Strengthened financial position, with £52.8m of net cash 4 (FY15: £44.4m of net debt) at year end . Final dividend of 3.5 pence per share in accordance with previous guidance given within our half year results . Sufficient land with detailed planning consent to deliver all targeted sales to FY18 and sufficient land under control to deliver all targeted sales to FY19 . Carrying a forward order book 8 of c.£114m into new financial year, which was lower than previous financial year (fy15: £131m) . Over first ten weeks of new financial year, reservations have been stronger and cancellation rates have returned to more normal levels.  Full Article

Retiree home builder McCarthy & Stone trims FY profit outlook

Sept 6 Britain's biggest builder of homes for retirees, McCarthy & Stone, trimmed its full-year profit forecast on Thursday, months after issuing a profit warning citing cautious consumer spending and economic uncertainty.