Cairn Homes reaffirms guidance after strong start to year

(Sharecast News) - Cairn Homes reaffirmed its full-year guidance on Wednesday after a strong start to 2025, underpinned by resilient first-time buyer demand and a growing forward order book. The Dublin-based housebuilder generated around €280m in revenue from 700 units in the six months to 30 June, down from €366.1m and 894 units in the same period last year.

It said the performance was in line with expectations, reflecting its historically second-half weighted trading profile and changes in transaction timing and mix.

The order book expanded significantly during the period, with around 3,700 homes now closed or under contract, up from 3,250 in early May.

They carried a combined net sales value of approximately €1.4bn.

Cairn launched eight new schemes in the first half across Dublin, Kildare, Meath, Cork and Galway, with what it called "strong demand" from the first-time buyer market.

The group highlighted the successful launch of its first Croí Cónaithe-approved apartment scheme in Douglas, County Cork, supported by a government initiative to encourage private apartment ownership.

"We have witnessed exceptional demand in the year to date, including in our numerous private sales launches in this spring and early summer sales season," said chief executive Michael Stanley.

"We were also encouraged to see such strong support for our first Croí Cónaithe development in Cork, from first time buyers seeking affordable private ownership of apartments."

Stanley welcomed newly-announced government amendments to apartment design guidelines, saying they would reduce build costs and allow the company to pass on savings to Affordable Housing Body customers and participants in state-supported ownership schemes.

"These guideline changes will also lower selling prices for future Croí Cónaithe developments and Local Authority Affordable Purchase Schemes," he said.

Cairn said it continued to pursue a capital-efficient land acquisition strategy, agreeing deals for land capable of delivering 2,000 homes and progressing joint ventures and options covering a further 1,500 units.

It also refinanced part of its US private placement debt in early July, increasing the facility by €40m to €97.5m, bringing total committed debt facilities to €500m with an average maturity of nearly five years.

The board intended to declare an interim dividend of 4.1 euro cents per share with its half-year results, an 8% increase on the prior year.

Cairn said it was on track to deliver full-year revenue growth in excess of 10%, operating profit of around €160m and return on equity of 15.5%.

Its interim results are due on 3 September.

At 0953 BST, shares in Cairn Homes were up 2% in London at 184p.

Reporting by Josh White for Sharecast.com.