McCarthy & Stone plc provided earnings guidance for the first half and second half of 2018. First half year revenue is expected to be £240 million supported by a 14% increase in average selling price to £296,000 reflecting continuing improvements in the quality and location of its developments. First half margins and operating profit are expected to be lower than the prior year, reflecting the level of investment required to deliver second half completions, the additional marketing activity to promote the high level of current year sales releases (including a new television advertising campaign) and increased usage of part exchange to counteract subdued market conditions in the period. Period end net debt is expected to be £76 million reflecting an increased level of investment in build activity in preparation for second half of 2018. The Group's profit will be more heavily weighted to second half of 2018 than previously expected, with first half of 2018 operating profit likely to be in the order of 12% of current market expectations for the year. However, the 16% increase in its forward order book together with the higher level of first occupations in the first half of 2018 over second half of 2018 gives the confidence in its expectation that the full year outturn will be within the current range of analyst forecasts, albeit with continuing uncertainty resulting from the Government announcement on ground rents.