April 11, 2018 / 7:09 AM / 5 months ago

BRIEF-UK's McCarthy & Stone Sees Modest Growth Over Next 2 Years

April 11 (Reuters) - McCarthy & Stone PLC:

* H1 PROFIT BEFORE TAX OF 10.5 MILLION STG VERSUS 21.8 MILLION STG A YEAR AGO

* H1 REVENUE 239.6 MILLION POUNDS VERSUS 238.2 MILLION POUNDS YEAR AGO

* H1 UNDERLYING OPERATING PROFIT OF 14.5 MILLION STG VERSUS 24.1 MILLION STG

* H1 LEGAL COMPLETIONS 760 VERSUS 864 YEAR AGO

* H1 TOTAL LEGAL COMPLETIONS OF 760 UNITS (2017: 864 UNITS) AT AN AVERAGE SELLING PRICE OF £298K (2017: £260K)

* H1 UNDERLYING OPERATING PROFIT OF £14.5M (2017: £24.1M) IS IN LINE WITH GUIDANCE GIVEN IN MARCH

* H1 STATUTORY PROFIT BEFORE TAX OF £10.5M (2017: £21.8M)

* “ADDITIONAL CAUTION EXERCISED IN DIRECT RESPONSE TO UNCERTAINTY RESULTING FROM GOVERNMENT’S PROPOSALS ON GROUND RENTS”

* INTERIM DIVIDEND OF 1.9P PER SHARE (2017: 1.8P PER SHARE)

* YEAR END GUIDANCE REMAINS UNCHANGED AND FULL YEAR OUTTURN IS EXPECTED TO BE IN LINE WITH CURRENT RANGE OF ANALYST FORECASTS

* ALL BUILD PROGRAMMES REMAIN ON TRACK TO DELIVER C.80 NEW SALES RELEASES (FY17: 52) AND MORE THAN 65 NEW FIRST OCCUPATIONS BY END OF FY18

* LOWER LEVEL OF H1 LAND EXCHANGES,PLANNING CONSENTS IS LIKELY TO RESULT IN MORE MODEST GROWTH TRAJECTORY THAN PREVIOUSLY EXPECTED OVER NEXT 2 FINANCIAL YEARS Source text for Eikon: Further company coverage:

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