- Retirement home developer and manager McCarthy & Stone booked a 25% fall in annual profit, citing a challenging market backdrop and strategic structural changes.

Pre-tax profit for the 14 months through October fell to £43.4m, down from the £58.1m reported for the 12 months through August 2018.

The company last year shifted its balance date by two months to the end of October.

Revenue rose 8% to £725.0m, while underlying profit rose 2% to £63.1m.

Underlying operating margins contracted to 9.4%, back from 10.1%, mainly driven by 'an increased usage of part-exchange and incentives to counteract subdued market conditions'.

McCarthy & Stone held its full-year dividend steady at 5.4p per share.

'The group's new strategy has driven a solid 2019 financial year trading performance in a difficult market,' chief executive John Tonkiss said.

'We have a strong balance sheet, a continued focus on delivery of operational improvements across our business and an ongoing commitment to delivering high quality developments and five star customer satisfaction.'

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