Cairn Homes reports record sales in first half

Ireland’s largest homebuilder posted its “best ever sales performance” in the first half of the year as demand is expected to pick up in the coming months.

airn Homes generated core sales of EUR 240 million in the first half of the year and completed 547 new home sales. The company described the period as the strongest first half of the year to date.

This was an increase compared to the first half of 2021, in which the company achieved sales of 130.6 million euros.

The company also reported an operating profit of 36.2 million euros, an increase of 209 percent over the same period last year.

Cairn Homes now has 22 active locations across the country, with construction currently underway in Limerick and Kilkenny. The value of the construction work is now €346 million.

Demand continues to rise, with the company’s closed and forward sales pipeline now exceeding EUR 760 million. This corresponds to 1,988 new apartments.

The average selling price for a starter home is now €330,000, up €3,000 from the same point last year.

In the three years to 2024, the company expects to deliver between 5,000 and 5,500 new homes

Cairn has also announced an interim dividend of 3c per common share, with over €95m of the company’s €115m full-year forecast hurdle now committed.

However, the company said continued demand for new homes in Ireland remains a key societal issue as demand continues to outstrip supply. Chief Executive Michael Stanley called the lack of offers an “alarming risk”.

“Providing new housing for these working people to own or rent is societally critical, and increasing supply across all private and government delivery platforms in parallel is the only effective response,” he said.

The home builder also highlighted the “challenging environment” today, including risks such as cost inflation, interest rate hikes and geopolitical developments. The company also pointed to rising construction and mortgage costs and called for more “crucial” government support.

Cairn found that customers have responded positively to government initiatives such as the First Home Equity scheme. This program has assisted buyers in five of the current developments in Cairn.

“The business has delivered our best-ever performance for the first half of 2022 and, as expected, demand has continued to be exceptionally strong throughout the summer and fall sales seasons,” added Mr. Stanley.

“With 22 active locations nationwide, involving an investment of nearly €350 million in work in progress, we are targeting 1,500 completed sales and sales in excess of €600 million by the end of the year.” Cairn Homes reports record sales in first half

Fry Electronics Team

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