Cairn Homes Plc (CRN.L), an Irish home building company, said on Tuesday that it has recorded a strong demand with a significant growth and increased housing output for the first-half. In addition, the firm has reaffirmed its full-year outlook.
For the six-month period to June 30, the company closed 535 new home sales across all tenures, including private and state buyers, and generated total core revenue of around 215 million euros, the company said in a statement.
Current closed and forward sales pipeline has grown by in excess of 300 new homes since May 11, to 2,230 new homes with a net sales value of over 800 million euros.
Demand for nearly zero-emission building compliant, A2-rated new homes has remained exceptionally robust across starter and trade-up down houses, duplexes, and scaled apartment developments.
The company has agreed over 1,100 new home sales in the period.
The Board intends to declare a circa 3.1 cent interim dividend per share with its interim results scheduled for September 7.
Looking ahead, Michael Stanley, CEO of Cairn Homes, said: “Cairn is pleased to be on course to significantly increase our housing delivery by up to 20% targeting between 1,750 and 1,800 new home sales this year…”
For full year 2023, the home builder expects its operating profit to be in the range of 105 million euros – 110 million euros. For 2022, the company had posted operating profit of 103 million euros.
Cairn Homes projects core house-building gross margin of around 21 percent, for the year.
The Irish firm anticipates 2023 turnover in excess of 650 million euros from 1,750 – 1,800 closed new home sales.
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