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McCarthy & Stone expects lower operating profit for FY'18 YOY


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McCarthy & Stone expects lower operating profit for FY'18 YOY

U.K. retirement-home builder McCarthy & Stone PLC outlined its earnings expectations for the full year ended Aug. 31 and offered an update on its ongoing strategic review.

The company expects full-year operating profit in a range of £65 million to £73 million, compared to £96 million in the year-earlier period.

McCarthy & Stone interim CEO John Tonkiss noted "ongoing adverse" market conditions and insufficient government support for the retirement housing sector.

The company expects its full-year revenue to grow year over year to £670 million from £661 million, while its year-end net cash is expected to be about £4 million, compared to the year-ago figure of £31 million.

As part of a strategic review that started in April, the company said it is continuing to study various initiatives aimed at enhancing customer appeal and providing a wider choice of tenure options, increased flexibility and affordability.

McCarthy & Stone noted that it will offer further details on the review later in September.