Housebuilder McCarthy & Stone to splash £1.5bn as sales jump

 
Julian Harris
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RETIREMENT home-builder McCarthy & Stone is planning a £1.5bn investment splurge on land after revealing a sharp increase in its revenues.

The company said yesterday that sales were up 49 per cent to £149.7m in the year to 28 February, with net profit swinging back into the black.

Net profit came in at £11.5m, reversing a loss of £9.3m the previous year. Earnings before interest, tax, depreciation and amortisation (Ebitda) jumped by 106 per cent to £21.6m.

“We plan to invest £1.5bn in land and construction in the four years from September 2013,” it said.

• Meanwhile Aim-listed company Inland Homes yesterday reported a 19.4 per cent hike in pre-tax profits to £3.6m for the final six months of 2013, despite sales falling 33.7 per cent to £12.8m. It attributed the drop to a change in the sales mix.