Homebuilder Cairn Homes has today reported a record half year performance amid favourable market conditions, while it said it remains on track for another year of "exceptional" growth in volumes, revenue and profitability.
Cairn Homes said its revenues for the six months to the end of June rose by 67% to €366.1m from €219.5m the same time last year, while its operating profits soared by 107% to €61.4m from €29.6m.
The company said it closed a total of 894 units in the first half of the year, up from 535 the same time last year.
Cairn said its homes were selling at an average of €383,000, an increase of 4% on the €370,000 selling price in the first half of 2023.
It said it continued to grow its multi-year forward sales pipeline and its closed and forward order book has increased to 3,450 new homes with a net sales value of €1.32 billion.
It also said it had evolved its land acquisition strategy and has bought and entered into options on six predominately low density sites in the Greater Dublin Area so far this year, which will deliver up to 4,500 new homes primarily for its core first time buyer market.
Cairn spent €26.1m on land acquisitions in the first half of the year.
The homebuilder had a number of starter home launches nationwide during the first half of 2024, including at its landmark development in Seven Mills in Clonburris, Dublin 22, Graydon in Newcastle, Co Dublin, Sorrel Wood in Blessington, Co Wicklow) and its first developments in Kilkenny (Nyne Park) and Cork (Bayly).
It started construction on two new sites, with up to eight planned new site commencements in the second half of the year. Construction began on sites in Shankill in Dublin 18 and Santry in Dublin 9.
Cairn said that supported by the strength of its scaled operating platform and its multi-year closed and forward order book, it is is confident of delivering a strong output and financial performance in 2024.
It reaffirmed its full year guidance of about 2,200 units and operating profits of about €145m.
"2025 is expected to be another year of strong volume, revenue and profit growth as Cairn continues to leverage our exceptional scaled operating platform," the company stated.
It also said it continues to deliver homes for its partners across a number of State supported counterparties, including Affordable Housing Bodies (AHBs), Local Authorities and the Land Development Agency (LDA).
"The Irish Government is continuing to play an important role in supporting new home delivery having
significantly increased its investment in the housing sector in recent years, including increasing its ownership of permanent Irish housing stock, which remains relatively low at 8.6% in 2020 compared to some of our European peers at over 15%," it said.
"The company has delivered a stellar half-year performance across all key metrics, most importantly in housing delivery with our turnover increasing by 67% year-on-year," Michael Stanley, Cairn Homes' chief executive said.
"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," he added.
