McCarthy & Stone plc announced unaudited consolidated earnings results for the six months ended February 28, 2017. For the period, the company reported revenue of £238.2 million against £250.2 million a year ago. Operating profit was £23.1 million against £30.1 million a year ago. Underlying operating profit was £24.1 million against £40.2 million a year ago. Profit before tax was £21.8 million against £29.0 million a year ago. Profit attributable to owners of the company was £17.6 million or 3.3 pence per basic and diluted share against £21.6 million or 4.2 pence per basic and diluted share a year ago. Underlying profit before tax was £22.8 million against £39.1 million a year ago. Net cash outflow from operating activities was £64.0 million against £64.8 million a year ago. Purchases of property, plant and equipment was £0.2 million against £0.8 million a year ago. Purchases of intangible assets was £0.1 million. Underlying basic earnings per share was 3.5 pence against 6.0 pence a year ago. Net debt was negative at £30.4 million against £23.9 million a year ago. Return on capital employed was 14% against 18% a year ago.

The Group reiterates guidance that the full year outturn is expected to deliver in line with market expectations. With all detailed planning consents in place to deliver targeted sales in fiscal 2018 and sufficient land under control to deliver targeted sales in fiscal 2019, the Group remains confident of delivering its strategic growth objective of building and selling more than 3,000 units per annum.