Business
2022 AGM Trading Update
2022 AGM Trading Update.
About this update from Cairn Homes Plc
[{"type":"text","content":"\n \n\n\nCairn Homes Plc (CRN)\n\n\n\nCairn Homes Plc: 2022 AGM Trading Update12-May-2022 / 07:00 GMT/BSTDissemination of a Regulatory Announcement, transmitted by EQS Group.The issuer is solely responsible for the content of this announcement.\n\n\n \n\n \n\n2022 AGM Trading Update\n\n \n\nDublin / London, 12 May 2022: Cairn Homes plc (“Cairn”, “the Company” or “the Group”) (Euronext Dublin / LSE: CRN) is holding our Annual General Meeting (“AGM”) today at 11.00am at the Merrion Hotel, Merrion Street Upper, Dublin 2 and in advance provides the following update on current trading and guidance for FY22 and beyond.\n\n \n\nCurrent Trading\n\nThe demand for energy efficient, quality built new homes from our broad and widening customer base has sustained and is the strongest we have experienced to date.\n The Company has a current closed and forward sales pipeline of over 1,600 new homes with a net sales value in excess of €600 million[1]. \n The Company continues to collaborate with the State on the delivery of social and affordable housing initiatives. We are currently finalising two significant partnerships with State Agencies and will continue to bring innovative partnership solutions to the resolution of the housing crisis in Ireland. \n Cairn expects total build cost inflation (including infrastructure, materials and labour) of c. 6% for FY22. Acknowledging that the build cost inflation outlook is uncertain, we anticipate it will remain at elevated levels over the coming months as suppliers move to more dynamic pricing, primarily as a result of energy cost volatility. As such, the Company will continue to work collaboratively with our supply chain partners to achieve sustainable, competitive pricing, while maintaining security of supply. Cairn expects that labour and material cost increases will be fully offset by improving product mix, operational efficiencies and better pricing. \n Recognising the impact of recent rises in the cost of living and integral to our commitment to invest in and develop our employees, Cairn has introduced cost of living increases for employees in line with forecasts. We also doubled participation in our long-term incentive share scheme across all levels within the business and increased our health benefits to move to family cover, which led to a 20% increase in employee up...