HomeBussinessRevenues at Cairn Homes increase 66pc in first half of 2024

Revenues at Cairn Homes increase 66pc in first half of 2024

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Cairn Homes sign at a development in Greystones.

Cairn Homes recorded a jump in revenues in the first half of the year as “exceptional demand” for housing continues.

Revenues soared to around €365m in the first six months of 2024, up 66pc from the same period last year.

it attributed the rise to Government initiatives and policies, as well as an improving mortgage market. Cairn also highlighted the impact of population growth and record employment on housing demand.

The company closed 894 new homes sales in the period, up from 535 recorded in the first half of 2023.

Cairn’s sales pipeline also grew in the first half. The current closed and forward orderbook rose to to around 3,100 new homes with a net sales value of almost €1.2bn.

Around 10 new site commencements are expected this year, the company reported. This includes eight in the second half.

It closed its first two forward fund transactions with a number of different state-supported counterparties at Parkside and Seven Mills developments.

These agreements are expected to boost supply of social, affordable and cost rental homes.

Cairn has also been included in the Land Development Agency’s housebuilder partnership framework panel for a programme working towards the delivery of 5,000 affordable homes in the short-term.

It announced a €45m share buyback programme, which is set to commence today. This includes €40m of a new programme and the remaining €5m from last year’s programme.

The Board also intends to announce a 3.8c dividend when the interim results are published in September.

Cairn expects to deliver growth of around 30pc this year and reaffirmed its full-year guidance.

The company expects to complete 2,200 new homes this year.

Operating profit is expected to be around €145m, up from €113.4m in 2023.

“Cairn experienced a very strong spring sales season for first time buyer homes, which has added to our order book of over 3,000 homes,” chief executive Michael Stanley said.

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