StockMarketWire.com - Retirement home developer McCarthy & Stone swung to a first-half loss and scrapped its interim dividend, after the Covid-19 crisis slowed the completion of developments, sapping revenue and triggering asset write-downs.

The company also announced that the chief operating officer for its building functions, Nigel Turner, had stood down, with immediate effect.

Pre-tax losses for the six months through April amounted to £91.3m, compared to a profit of £3.6m on-year.

Revenue cratered 64% to £101.1m as legal completions fell 44% to 471.

McCarthy & Stone warned that while it had passed the peak of the Covid-19 crisis, the financial effect would be weighted towards the second half.

Turner's departure came as the company reviewed its resources in light of the impact of the pandemic.

'Several of the initiatives that Nigel was brought in to deliver have also now been successfully completed,' it said.

'The company has therefore decided to revert to a more traditional structure of one chief operating officer, Mike Lloyd, who will continue to focus on the core areas of sales, customers and services.'

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