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Homebuilder McCarthy & Stone racks up loss as completions fall 44%

Retirement-home builder McCarthy & Stone Plc swung to a 25 million pound ($31.5 million) loss in the first half of 2020 and warned of more damage to come, as COVID-19 restrictions on housing transactions slashed its number of completed sales.

July 15 (Reuters) - Retirement-home builder McCarthy & Stone Plc MCS.L swung to a 25 million pound ($31.5 million) loss in the first half of 2020 and warned of more damage to come, as COVID-19 restrictions on housing transactions slashed its number of completed sales.

The UK company, which had already scrapped its dividend in March, also said it was reorganising senior management and letting go its Chief Operating Officer for Build, Nigel Turner, in an effort to adjust to reduced workflow and demand.

($1 = 0.7950 pounds)

(Reporting by Yadarisa Shabong and Patrick Graham in Bengaluru; Editing by Rashmi Aich)

((Yadarisa.Shabong@thomsonreuters.com; Twitter: https://twitter.com/Yadarisa; +919742735150;))

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