September 6, 2018 / 6:31 AM / 9 months ago

Sheltered housing builder McCarthy & Stone trims profit outlook

(Reuters) - McCarthy & Stone (MCS.L), Britain’s biggest builder of sheltered housing for retirees, trimmed the top end of its profit forecast for 2018 on Thursday, less than three months after warning profit would fall compared to last year.

The company now expects full-year operating profit between 65 million pounds to 73 million pounds, compared with the previous estimate of 65 million pounds to 80 million pounds.

However, it expects revenue to rise to about 670 million pounds from 661 million pounds a year earlier, driven by a 10 percent increase in the average selling price of its homes.

The company, which buys land and then builds, sells and manages retirement developments of houses and flats, has been undergoing a strategic review since April, led by Chairman Paul Lester focusing mainly on strengthening margins.

The company in June appointed Chief Operating Officer John Tonkiss as the interim chief executive officer and is currently on the lookout for a permanent CEO.

Reporting by Sangameswaran S in Bengaluru; Editing by Amrutha Gayathri

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