Strong Annual Performance for Cairn Homes Plc in 2023

Cairn Homes Plc has revealed its preliminary results for the year ended December 31, 2023, marking significant progress. The company achieved revenues of 666.8 million euros, up 8.0% from the previous year. Operating profit also saw a notable increase of 10.1%, reaching €113.4 million.

The firm and future order book is up an impressive 65% in units and 77% in value, indicating strong demand for Cairn's new homes. In addition, the number of homes sold reached 1,741 units, a record for the company.

Cairn continues to invest in construction with more than 2,100 new homes starting in 2023. These efforts are supported by three advance funding transactions to deliver almost 1,300 essential social and affordable homes. The year also saw the commencement of the Passive House apartment project in Piper's Square, aligned with Cairn's decarbonisation targets.

Macroeconomically, Ireland maintains its position with one of the strongest economies in the EU, despite the current interest rate environment. The government is committed to supporting the housing sector with more than €5 billion in funding in 2024.

Projections for 2024 are optimistic, with Cairn forecasting exceptional growth in volumes, revenue and profitability, and targeting an ROE of 15%. The company confirms its commitment to shareholder returns, with consistent returns driven by robust cash generation.