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McCarthy & Stone revenue plummets amid pandemic restrictions
StockMarketWire.com
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Retirement home operator McCarthy & Stone generated revenues of approximately £197 million in its financial year ending 31 October 2020, down more than 70% on the previous year.
In a trading update for its financial year published this morning, the company said it had completed on 832 sales during the period, down from 2,402 the previous year.
The first period of lockdown in the UK resulted in nationwide closures of construction sites and sales offices, causing significant disruption.
However, 41 of the company's 44 construction sites had since reopened in compliance with government guidelines, as had all its sales and marketing facilities.
As of 30 October McCarthy & Stone had net debt of £63 million, compared to a net cash position of £25 million a year earlier. This still gave the company £137 million of headroom from bank facilities.
Chief executive officer John Tonkiss said: 'Protecting our homeowners and employees throughout this challenging period remains our absolute priority.
'Our retirement communities have proven to be a safe haven for homeowners throughout the pandemic, with infection rates across our developments continuing to trend significantly below that of comparable age groups in the wider UK population. This is a major endorsement of independent retirement living.
'Longer-term, we remain excited by the significant market opportunities open to us as we deliver on our multi-tenure and service-led strategy working in partnerships with others, such as Anchor Hanover.'
Story provided by StockMarketWire.com
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