Cairn Homes Plc Reports Strong FY24 Trading Performance

Dublin / London, 10 May 2024: Ahead of its Annual General Meeting today, Cairn Homes Plc, a prominent homebuilder in Ireland, announced a robust update on its trading for the fiscal year 2024. With a backdrop of high demand for its energy-efficient homes, particularly among first-time buyers, the company has noted significant momentum. State support, favorable mortgage market conditions, and a short supply of starter homes contribute to this trend.

The company has reported a substantial growth in its sales pipeline with over 2,750 homes currently ordered or closed, marking an increase from last year’s figures. Cairn Homes is also set to deliver approximately 1,000 units post-2025. Additionally, Cairn has expanded its sustainability-linked financial facility to €327.5 million to support further expansion and investment in new developments.

For FY24, Cairn Homes reiterates its guidance, projecting about 2,200 unit sales, operating profits around €145 million, and a return on equity of 15%. The firm remains committed to returning excess cash to shareholders, indicating strong cash generation in the ongoing and future fiscal years.