McCarthy & Stone posts £15m loss

Care home property developer McCarthy & Stone reported increased losses for the year ending 31 August 2013 despite growing its turnover from £289.2m to £321m. Administrative expenses grew to £51.5m (2012: £36m) and cost of sales hit £291.6m (2012: £232.1m). After other income was taken into account McCarthy & Stone posted an operating profit of £7.9m (2012: £22.8).