<p><span>McCarthy &amp; Stone has achieved “encouraging” half year results against conditions that continue to be challenging, it said today (April 10).</span></p> <p><span> </span><span>During the six months to February 28 2019, the retirement housebuilder saw an 11% increase in </span><span>legal completions</span><span> to 845 against the equivalent period last year, with average selling prices (ASP) improving 7% to £319,000.</span></p> <p><span> </span><span>At the same time, McStone said that 46% of legal completions “involved some form of part-exchange” against 40% the previous year.</span></p> <p><span> </span><span>Underlying pre-tax profit rose 64% to £19 million. However, statutory pre-tax profit fell 66% to £4 million, thanks to £14 million of exceptional costs from the delivery of the housebuilder’s new business strategy.</span></p> <p><span> </span><span>Its revenue increased 17% to £281 million with underlying operating profit rising 47% to £21 million, governed by the increases in volume and ASP, alongside planned margin improvement related to its new strategy.</span></p> <p><span> </span><span>In September 2018, McStone announced the strategy in response to market conditions, particularly in the second hand market, moving away from growth to focus on increasing its return on capital employed, margins and cash generation.</span></p> <p><span> </span><span>The firm said its sales leads were in line with the previous year, despite its planned …