House builder Cairn Home has reported total revenues of €40.9m for the year to the end of December, up from €3.7m in 2015.

Cairn reported an operating profit of €3.6m for the year, an improvement the operating loss of €3.8m the previous year.

The company completed the building of 105 houses last year - its first full year of operations.

It also noted that the supply/demand imbalance for new homes, particularly in Dublin, remained as stark as it was at time of the company's flotation. 

In today's results statement, Cairn said it intends to seek a primary listing on Irish stock exchange this year.

The company is currently active on seven sites - Parkside on Dublin's Malahide Road, Albany in Killiney, Marianella in Rathgar, Churchfields in Ashbourne, Six Hanover Quay in Dublin city centre, Shackleton in Adamstown and Glenheron in Greystones, Co Wicklow. 

These seven sites will deliver more than 2.800 houses over the coming years. 

Construction is due to start on its site in Naas, Co Kildare during the second quarter of this year.

"2017 will be a transformative year for Cairn, and with strengthening mortgage backed demand, we now expect to close between 375 and 400 units in the current year," the company's chief executive Michael Stanley said.

"This underpins our confidence in achieving our 2018 and 2019 targets of in excess of 850 units and 1,200 units respectively," he added.

Cairn also noted in its results statement that it supports over 1,000 construction jobs across its various sites.

Mr Stanley said the company's rate of forward sales has accelerated significantly in the early part of this year, with forward sales standing at 301 units. This translates into a gross sales value of €121.1m.

He noted that demand for new houses remains strong and the shortage of supply, which was evident throughout 2015 and 2106 continues to be a feature of the market.

The Cairn CEO also said that the reduced deposit requirement for first time buyers as a result of the Help to buy tax rebated and the impact of the changes in the Central Bank's mortgage rules have been "impactful".

"Demand is more realisable as first time buyers now have better access to mortgage finance. The strategic bias of Cairn's land bank towards starter homes will continue to benefit the company," he added.

Looking ahead, Mr Stanley said the overall economic environment continues to improve in Ireland and there is "realisable demand for good quality new homes in attractive locations".

"With Cairn's scalable and flexible business model, the company is well placed to meet this market demand," he added.

"Overall, the company looks forward to another year of progress in 2017," the CEO stated.