Mixed fortunes for extra care providers

Extra care and residential care provider Retirement Villages blamed a 15% drop in turnover for the year ending 31 March 2012 on a fall in development sales. Turnover dropped from £22.2m in 2011 to £18.7m while EBITDA fell 22% from £3.2m to £2.3m. Directors blamed the falls on a decline in sales, the fact that no major work commenced and also the fact that only two new homes were completed for sale during the year.