McCarthy & Stone blames profit fall on Brexit

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The retirement home builder McCarthy & Stone believes it will see a strong second half after blaming Brexit for a 25 per cent fall in interim profits.

In the six months to February the firm said pre-tax profits managed to fall to £21.8m, this is down from £29m.

It also stated that forward orders for homes felt the pressure as market uncertainty followed the Brexit vote.

During the remainder of its financial year, it expects to see more high-margin homes to be completed.

In the first six months of the year, the firm saw revenue fall by five per cent to £238.2m. As well as this legal completions shrank by six per cent.

McCarthy & Stone chairman John White said: “The group continues to address the increasing market demand for retirement housing generated by a rapidly ageing population and has made good progress in recovering its workflow momentum following the outcome of the EU referendum last June.”