McCarthy & Stone’s retirement homes may be loved, but its shares certainly are not. The housebuilder’s share price has recovered some of the sharp decline it suffered in the wake of its June profit warning, but nevertheless it has lost more than a fifth of its value in the past two years.
The shares are more than 50 per cent below their peak in January 2016, albeit before the Brexit vote blew a hole in confidence in the housing market.
When Tempus last looked at McCarthy & Stone in mid-February, it recommended selling the shares, since when they have fallen by almost 12 per cent. They jumped more than 8 per cent yesterday, ending up 9¾p at 131p after the group overhauled its strategy