Cairn Homes had revenues of €16m for the first half of the year, generating gross profit of €2.6m and a gross profit margin of 16.5%.

The Irish homebuilder now has a core land-bank portfolio of 27 sites, on which it is developing more than 11,500 units – with 90% of these sites located in or around Dublin.

The company is currently active on five sites (Parkside, Albany, Marianella, Ashbourne and Hanover Quay), which are set to deliver in excess of 1,150 units.

112 houses at Cairn’s Parkside and Albany sites are sale agreed, with 64 of those sales completed (39 during H1 2016).

Meanwhile, Cairn said it is making god headway with regard to the Ulster Bank Project Clear portfolio, which it acquired last December for just over €500m.

Proceeds of €32m have been realised from settlements and asset sales, while nine sites – sold for €126.1m – have been transferred to direct ownership.

The homebuilder also said it has available liquidity of €167m for new purchases. This consists of €117m in cash and a further €50m in undrawn credit facilities.

Cairn CEO Michael Stanley said: "Having executed our successful site acquisition phase, Cairn continues to accelerate its home-building operations.

“We have assembled a talented and experienced team to drive forward with our plans. We are currently building new homes on five sites, with a further five developments commencing within the next 12 months.

By mid 2017, we will support over 1,000 construction jobs, including apprentices, leveraging the substantial economies that that we will benefit from as a home-builder of significant scale.”