Homebuilder Cairn Homes said it had achieved 29% growth in housing output last year, adding that it beat its 2024 guidance of 2,200 home sales.
In a trading update for the year to December, Cairn said its revenue for the year rose by about 29% to €860m from €668.8m in 2023 while its operating profits rose by 32% to €150m from €113.4m.
Cairn said it closed a total of 2,243 new homes sales, an increase of 29% on 2023's total of 1,741.
It also said it had 4,100 new homes commencements last year - up from 2,162 in 2023 - including ten new large-scale developments.
The average selling price (net of VAT) of a home built by Cairn last year was €383,000, down from €389,000 in 2023, which it said reflected the "significant step-up in the delivery of competitively priced affordable homes for our State partners".
Cairn said it had closed a number of forward fund transactions which will see it deliver about 2,150 social and affordable homes over several years, including a transaction with the Land Development Agency, its first under the Project Tosaigh 2 platform.
The company said that 2025 is expected to be another strong year for Cairn, with revenue growth exceeding 10%.
Cairn said it will significantly expand investment in its construction activities this year, as it looks to leverage its operational competitive advantages into the medium term. It said this will see it "meaningfully" increase its sales to its core First Time Buyer market.
Ten new private launches are planned in the first half of 2025, including its first two Croí Cónaithe approved apartment developments for owner occupiers.
Michael Stanley, Cairn's chief executive, said the 30% growth in the business represents the biggest annual step-up in operational and volume growth since the company was established.
"Entering our tenth year in business, we are proud that nearly 30,000 residents now live in a Cairn built home," the CEO said.
He said that with the imminent formation of a new government, intense focus will quickly shift to housing policy.
"While this remains a complex and multi-faceted challenge, the new Government must continue to prioritise essential affordable housing delivery," Mr Stanley said.
"The current suite of affordable housing initiatives include Croí Cónaithe, Local Authority Affordable Purchase and Cost Rental accommodation (CREL). These proven and effective measures are however currently sub-scale, in need of increased investment, broader awareness and support," he stated.
He said that Ireland's "stuck middle" is made up of thousands of young working people, desperately trying to avail of the new homes which these affordable housing initiatives can deliver.
"In 2024, 3,000 CREL homes were successfully delivered by Approved Housing Bodies and the Land Development Agency. On completion, these homes were offered on long-term secure tenancies, at discounted rents, to people on net salaries below €66,000 for Dublin and €59,000 elsewhere," he noted.
"Over 50,000 individual applications were submitted by people hoping to live in one of these new mixed-tenure developments," he added.
Shares in Cairn Homes ended lower in Dublin trade today.
