Retirement housebuilder Churchill has seen its pre-tax profit fall by 48.8% from £34.6m in 2022, to £17.7m in the year ended 30 June 2023. 

Overall, the housebuilder, which manages more than 200 retirement developments across the UK, has recorded a gross profit of £64.8m, a reduction from £72.7m in 2022. 

The Churchill group has also recorded a drop in turnover from £200.1m in 2022, to £174.3m in 2023.

Churchill said the 12.9% drop in revenue was due to a dip in consumer confidence, reflected in a reduction in unit sales to 431 units in 2023, compared to 543 the previous year.