Cairn Homes profits grow in favourable market conditions

(Sharecast News) - Ireland-based housebuilder Cairn Homes posted a rise in full-year profit and revenue on Thursday "amid continuing favourable market conditions". In results for the year to the end of December 2024, the housebuilder said operating profit jumped 32% to €150m, with revenue up 29% at €859.9m from 2,241 units, versus 1,741 units a year earlier.

Basic earnings per share ticked up 41% to 17.9 cents.

Cairn said market conditions remain "very attractive", with "strong demand" for its energy-efficient new homes across all buyer profiles.

It added that state supports for its customers, a favourable mortgage market and the limited supply of competitively-priced and well-located new starter homes was continuing to drive positive momentum, with the enquiry lists across all of its active selling sites remaining at historic highs.

Cairn said it expects 2025 to be another strong year, with revenue growth "in excess of" 10% for the full year, operating profit of around €160m and return on equity of around 15.5%.

Chief executive Michael Stanley said: "We took a material step, right across our business, in operational performance and volume delivery in 2024. We also made significant progress in our financial performance based on a foundation of continuous and substantial investment in the delivery of new homes for private buyers and for the state.

"We will continue to be relentless in driving efficiencies through scale, innovation, digital and sustainable construction to deliver new homes at pace, scale and value for money. We look forward to another strong year of growth in housing output."