<p><span>McCarthy &amp; Stone’s legal completions fell <span class="aqd">7%</span> during the year ending August 31 2018 as it continues to adjust to a tough market environment. </span></p> <p><span>The retirement housebuilder said it achieved 2,134 legal completions against FY 2017’s 2,302 with volumes constrained as anticipated by “the heavy H2 weighting of first occupations, continuing economic uncertainty coupled with a slower secondary market and a softening of pricing, particularly in the south east, during the second half of the year”. </span></p> <p><span>Pre-tax profit dropped 37% to £58.1 million. Underlying operating profit declined 30% to £67.5 million – a result of a sales slowdown, reduced margins, build cost increases, an increased reliance on part-exchange to combat subdued market conditions, additional marketing activity and a rise in operating costs from McStone’s previous marketing strategy.</span></p> <p><span>But the company’s revenue rose 2% to £672 million, benefiting from an undersupply of retirement schemes, and driven by a 10% increase in average selling prices to £300,000.</span></p> <p><span>It brought 68 first occupations to market against FY17’s 49, opening 69 new sales outlets during the year, up on last year’s 52.</span></p> <p><span>The firm’s forward order book as of November 9 2018 “is in line with management expectations”, currently standing at …