Sales up at Churchill Retirement

Revenue at Churchill Retirement Living was up 10.8% to a record £208.6 million (2018: £188.3 million) in the year to the end of June pushing profit before tax up 6.8% to £55.2 million (2018: £51.7 million).

Sales were also up to 584 from 521 last year with the average selling price fairly level year on year at £314,000 (2018: £313,000). Operating margin was 29% (2018: 29.8%)

Chairman and ceo Spencer McCarthy said: “The group has delivered a strong financial performance during another tough year of political upheaval and economic uncertainty, both in the UK and globally.” McCarthy said the firm relied less heavily on part exchange during the year, with 36% of sales being achieved using its Home Exchange service (2018: 43%). “The Home Exchange service remains important for our customers, many of whom are still finding it difficult to sell their existing property in the second hand market,” said McCarthy.

He added: “We maintained a cautious approach to land buying for a second consecutive year, in response to the uncertainty arising from the government’s leasehold and ground rent consultation. As a result, we acquired 13 new sites across all regions, equating to around 563 new plots (2018: …