Business
Cairn Homes Plc: 2023 AGM Trading Update
Cairn Homes Plc: 2023 AGM Trading Update.
About this update from Cairn Homes Plc
[{"type":"text","content":"\n \n \n \n\n\nCairn Homes Plc (CRN)\n\n\n\n\n\n\nCairn Homes Plc: 2023 AGM Trading Update 11-May-2023 / 07:00 GMT/BST\n\n\n \n\n \n\n2023 AGM Trading Update\n\n \n\nDublin / London, 11 May 2023: Cairn Homes plc (“Cairn”, “the Company” or “the Group”) (Euronext Dublin: C5H / LSE: CRN) is holding our Annual General Meeting (“AGM”) today at 10.00am at the Merrion Hotel, Merrion Street Upper, Dublin 2 and in advance provides the following update on current trading and guidance for FY23.\n\n \n\nCurrent Trading\n\nThe demand for energy efficient, quality built new houses and apartments in established residential locations remains exceptionally strong. \n The Company has significantly grown our current closed and forward sales pipeline to 1,905 new homes today with a net sales value in excess of €685 million (1 March 2023: 1,503 closed and forward sales with a net sales value of €534 million).\n The Company has made significant progress in our new landmark development at Seven Mills, Clonburris. We will deliver homes from our first phase of 569 new homes in this calendar year.\n Cairn is pleased to have closed its first transaction with the Land Development Agency (“LDA”), consisting of 94 apartments and 48 duplex units at Archers Wood, Delgany, Co. Wicklow. \n Housing output grew last year to c. 30,000 new homes and initiatives, particularly the First Home Scheme, which has meant that more of Cairn’s customers have been able to get access to their first family home. The shortage of affordable rental accommodation is now appropriately being targeted and prioritised. Cost rental subsidies which will enable Approved Housing Bodies (“AHBs”) and the LDA to stimulate new scaled apartment developments are welcome. Cairn will continue to provide timely delivery to support these initiatives.\n We are still experiencing build cost inflation (including infrastructure, materials and labour) and expect total build cost inflation o...