Cairn Homes sign at a development in Greystones
Housebuilder Cairn Homes has reported sharply higher sales and profits for the first half of the year. The stock market listed builder sold 3,450 units in the period either in traditional sales of forward purchase agreements, up 26pc on the same time last year.
The interim results for the six months ended 30 June 2024 shows revenue of €366m, up 67pc on the same period last year. The business had an operating profit of €61.4m, more than double where it was last year and operating margins rose to 16.8pc.
Cairn’s average selling price was €383,000 excluding vat.
Cairn said it has evolved its land acquisition strategy and year-to-date has acquired and entered into options on six predominately lowdensity sites in the Greater Dublin Area which will deliver up to 4,500 new homes primarily for the first time buyer market.
In addition the business closed two so called forward fund transactions at developments in Parkside and Seven Mills and is looking to do more such deals. Forward fund deals means an end buyer such as an approved housing body or investor is financing development, a lower risk option for developers especially on capital intensive apartments schemes.
Commenting on the results, Michael Stanley, CEO, said: “The company has delivered a stellar half-year performance across all key metrics, most importantly in housing delivery with our turnover increasing by 67pc year-on-year. By the end of this year Cairn will have delivered over 9,500 energy efficient new homes
to our customers across Ireland. We have a scaled, sustainable and mature business platform, positioning us for continued growth
as we enter into our tenth year of business in 2025.”