Retirement home builder McCarthy & Stone (LON:MCS) shares tumbled nearly 4 percent at market open on Tuesday, after saying it expects a small rise in first-half revenue.
Despite lower completion rates and an expected drop in first-half margins and operating profit, higher selling prices lent a boost to figures. The group confirmed half-year revenue expectations of around £240 million, around £2 million higher than a year earlier, supported by a 14 percent increase in average selling price to £296,000.
Forward sales, including legal completions, are around 16 percent ahead of the previous year at £487 million, supported by 50 new sales releases during the period.
The company said that trading had remained “resilient” during 2018 so far, and that new sales releases have performed well.
Shares in McCarthy & Stone are trading down 3.99 percent at 132.50 (0838GMT).
