McCarthy stays confident
Retirement housing builder McCarthy & Stone is confident of continuing its strong performance, despite uncertainty in interest rates and increased difficulties in building on brownfield sites. Chairman John McCarthy told an annual meeting of shareholders in December that the number of people viewing the company’s homes had showed “a modest slowdown” after rises in the interest rate in September and November, but that the overall position remained healthy, especially in the north of England. “We expect the market to remain sound and believe in our ability to perform, even if the markets become more variable,” Mr McCarthy said. In November, the company reported a 37% rise in pre-tax profits for the year to August to Â£39.1m, well above market expectations. Sales had risen by 15% to Â£123m. However, recent delays in obtaining planning permission to build on brownfield sites had put upward pressure on the prices of retirement flats.