- Retirement home developer McCarthy & Stone said its first-half profit halved after it completed less buildings amid 'subdued' market conditions.

Pre-tax profit fell 52% to £10.5m, as revenue edged up by 1% to £239.6m, as a 12% fall in completions was offset by a 15% rise in average selling prices.

The company bumped up its interim dividend to 1.9p per share, from 1.8p in the previous corresponding period.

'Trading was constrained by the ongoing subdued conditions in the secondary market and the lower number of new first occupations resulting from a pause in build start activity following the EU Referendum in June 2016,' the company said.

Turning to the outlook, McCarthy & Stone said its full-year guidance given in March remained unchanged.

The full-year out-turn as expected to be in line with the current range of analyst forecasts, 'albeit there is continuing uncertainty created by the government's proposals on ground rents'.

'We continue to work with the government to seek an exemption from these changes due to the unique viability model of retirement housing,' the company said.

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