Cairn Homes Plc: H1 2024 Trading Update

Cairn Homes Plc has issued a trading update for the first half of 2024, revealing strong performance metrics. The company achieved revenue of approximately €365 million from 894 closed units, marking a 66% year-on-year increase.

The demand for Cairn's energy-efficient homes remains robust, driven by favourable market conditions, government policies, and record employment. Key projects include new developments in Kilkenny and Cork, as well as the completion of forward fund transactions at Parkside and Seven Mills.

For the full year, Cairn projects a 30% growth, targeting 2,200 units and an operating profit of around €145 million. The company also announced a €45 million share buyback program and an interim dividend of approximately 3.8 cents per share.