Cairn Homes Plc: H1 2024 Trading Update
Cairn Homes Plc (CRN)
Trading Update for the Six Months Ended 30 June 2024 Record H1 Supports c.30% Growth in 2024
Dublin / London, 3 July 2024: Cairn Homes plc (“Cairn”, “the Company” or “the Group”) (Euronext Dublin: C5H / LSE: CRN) today issues a Trading Update for the six months ended 30 June 2024 in advance of interim results to be announced on 4 September 2024.
H1 2024 Highlights The increase in housing output and profitability that the Company has delivered in recent trading periods has continued in the year-to-date, with strong first half-year revenues generated. Market conditions remain very favourable with exceptional demand for our energy-efficient new homes across all buyer profiles, supported by impactful Government initiatives and policies, an improving mortgage market, population growth and record employment.
Reaffirming FY24 Guidance
Commenting on the H1 2024 trading update, Michael Stanley, Chief Executive Officer, said:
“Cairn experienced a very strong spring sales season for first time buyer homes, which has added to our order book of over 3,000 homes. We will grow our output by 30% this year and invest heavily in 10 new site commencements, including eight in the second half of 2024. Recent data on increased mortgage approvals for first time buyers is positive news and the broader homebuilding industry is also responding to improved realisable demand by increasing the supply of new family homes.
The current ill-health of the rental market perhaps remains a greater challenge for our economy and growing population. In recent years, more than 70,000 homes previously for private rental are no longer available, the majority having been purchased by homebuyers from smaller landlords exiting the market. Privately funded replacement stock, particularly apartments in urban areas has been very low and as a result, many of Ireland’s young and fully employed population are faced with a shrinking and illiquid rental market.
The Company will release our 2024 interim results on 4 September 2024.
For further information, contact:
Cairn Homes plc +353 1 696 4600 Michael Stanley, Chief Executive Officer Richard Ball, Chief Financial Officer Stephen Kane, Director of Corporate Finance Investor Relations Ailbhe Molloy, Investor Relations Manager
Drury Communications +353 1 260 5000 Billy Murphy Claire Fox Morwenna Rice
Notes to Editors Cairn Homes plc (“Cairn”) is an Irish homebuilder committed to building high-quality, competitively priced, sustainable new homes and communities in great locations. At Cairn, the homeowner is at the very centre of the design process. We strive to provide unparalleled customer service throughout each stage of the home-buying journey. A new Cairn home is expertly designed, with a focus on creating shared spaces and environments where communities thrive. Cairn owns a c.15,900 unit landbank across 36 residential development sites, over 90% of which are located in the Greater Dublin Area (“GDA”) with excellent public transport and infrastructure links.
1 This comprises both closed sales units and equivalent units. Equivalent units relate to forward fund transactions and are calculated on a percentage completion basis based on the constructed value of work completed divided by total estimated cost. Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. |
ISIN: | IE00BWY4ZF18 |
Category Code: | TST |
TIDM: | CRN |
LEI Code: | 635400DPX6WP2KKDOA83 |
OAM Categories: | 3.1. Additional regulated information required to be disclosed under the laws of a Member State |
Sequence No.: | 331634 |
EQS News ID: | 1938331 |
End of Announcement | EQS News Service |
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