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Sat August 13 2022

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McCarthy & Stone plans £1.5bn building spree

11 Nov 13 Retirement home builder McCarthy & Stone has announced plans to spend £1.5bn developing more than 250 sites over the next four years.

This follows a financial restructuring of the group in August to reduce its debts.

In the year to 31 August 2013, McCarthy & Stone grew its revenues by 21% to £310.8m (2012: £257.7m) and a 15% growth in EBITDA to a five year high of £46.0m (2012: £39.9m).

It sold 1,527 apartments, which was 11% more than the 1,370 of the previous year.

Chief executive Mark Elliott said: “2013 has been an important and successful year for McCarthy & Stone.  Our ongoing strategy to invest in greater numbers of development sites helped deliver a solid set of results and a significant step forward on 2012. With the help of our new investors, the company has been refinanced and put back on a firm financial basis for the first time since the ‘credit crunch’.”

The board was also recently strengthened by the appointment of former Persimmon boss John White as chairman.  Mr White said: "The performance delivered in the last financial year, and our healthy pipeline of quality sites for development provides a strong platform for further robust growth.  At 31 August 2013, we owned or controlled c. 8,300 plots on 263 sites in good locations across the UK.  This provides the company with an excellent opportunity to increase sales volumes over the next few years. In addition, recent research points to very significant demand in the retirement sector.  I am therefore confident that McCarthy & Stone will continue to capitalise on the increasing opportunities emerging in the housing market.”

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