StockMarketWire.com - Retirement home builder McCarthy & Stone said it expected to post a small rise in first-half revenue after lower completions were offset by higher selling prices.

As previously guided, the company said first-half margins and operating profit were expected to be lower on-year, reflecting investments in completions and marketing activity.

Total legal completions reached 7601 units, below 8642 a year earlier, as ongoing subdued conditions in the secondary market impacting older stock.

Half-year revenue was expected to be around £240m, slightly above £238m a year earlier, supported by a 14% increase in average selling price to £296k.

Forward sales, including legal completions, were currently around 16% ahead of the prior year at £487m, supported by 50 new sales releases during the period.

'Trading has remained resilient during the first two months of the new calendar year and the new sales releases have performed well,' the company said.




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