Revenues at Cairn Homes increased 66% year-on-year in the first half as the homebuilder reaffirmed its full-year growth outlook of c.30%.
The company closed 894 new home sales in the first six months of 2024, generating €365m in revenue, a marked increase from the 535 sales and €220m in revenue seen in H1 2023.
The company’s closed and forward order book increased to 3,100 homes, with a net sales value of nearly €1.2bn, underpinning the group’s medium-term growth targets.
Cairn cited “significant ongoing investment” which will see 10 new site commencements in 2024, and its “exceptional output and financial performance” reaffirmed its FY24 guidance of 30% growth, 2,200 new homes, an operating profit of €145m and a return on equity of 15%.
It announced a €45m share buyback scheme, including a €40m new programme and €5m from 2023’s remaining buyback, as well as a 3.8% dividend payout when the interim results are announced in September.
Michael Stanley…