McStone ceo Fenton to retire

Clive Fenton is to retire as chief executive of McCarthy & Stone and step down from the board at the end of August the firm announced today. The search for a successor is underway.

The announcement comes as McStone issued a profit warning in a trading update due to “a noticeable decline in reservation rates as potential customers have exercised more caution due to ongoing economic uncertainty, a slower secondary market and a softening of pricing, particularly in the south east."

The firm said the outcome for its financial year ending 31 August 2018 was always heavily dependent on a strong Spring selling season, but with less favourable conditions McStone is now forecasting to achieve around 2,100 to 2,300 legal completions compared to 2,302 last year. Operating profit is now expected to be between £65 million to £80 million compared to £96 million last year. The group's forward order book, including legal completions, currently stands around £67 million ahead of the prior year at £706 million (2017: £639 million). “Whilst this is lower than management's expectations given the higher number of outlets, it is nevertheless sufficient to deliver within the new guided range,” said the firm.

McStone began a …