Homebuilder Cairn Homes said it remains confident in its full year guidance as it welcomed the Government's announcement yesterday of amendments to apartment design guidelines.
In a trading update for the six months to the end of June, Cairn Homes said it generated revenues of €280m from the sale of 700 units, down from revenues of €366.1m and 894 units the same time last year.
The company said its forward order book stands at about 3,700 new homes with a net sales value of about €1.4 billion.
During the six month period, it launched eight new schemes in Dublin, Kildare, Meath, Cork and Galway, with strong demand witnessed from its core first time buyer market.
This includes the launch of its first Croí Cónaithe approved apartment development in Douglas in Co Cork. Cairn said this "positive" Government initiative supports private ownership of apartments.
Cairn said its Board intends to announce a 4.1 cent interim dividend per ordinary share at its interim results on September 3, 2025, an 8% increase from the interim dividend of 3.8 cent the same time last year.
It said that supported by the growth in its multi-year closed and forward order book of over 1,300 new homes from the beginning of this year, it remains confident in its full year guidance of revenue growth in excess of 10% and operating profits of €160m.
Michael Stanley, Cairn's chief executive, said the company had seen "exceptional demand" in the year to date, including in its numerous private sales launches in this spring and early summer sales season.
"We were also encouraged to see such strong support for our first Croí Cónaithe development in Cork, from first time buyers seeking affordable private ownership of apartments," the CEO said.
"Yesterday, the Government announced significant amendments to apartment design guidelines. As Ireland's most active apartment builder, we welcome this initiative, which will reduce build costs," Michael Stanley said.
"We plan to submit revised designs and prioritise projects for our Affordable Housing Body (AHB) customers. When amendments are approved by planning authorities, we will pass on the significant cost savings to our AHB customers, which should in turn reduce affordable rents for new Cost Rental apartments," he stated.
"These guideline changes will also lower selling prices for future Croí Cónaithe developments and Local Authority Affordable Purchase Schemes," he added.
Shares in the company rose in Dublin trade today.
