Business
Cairn Homes Plc: H1 2024 Trading Update
Cairn Homes Plc: H1 2024 Trading Update.
About this update from Cairn Homes Plc
[{"type":"text","content":"\n \n \n \n\n\t\n\n\n\n\n\n\n\n\n\n\n\nCairn Homes Plc (CRN)\n\n\n\n\n\n\nCairn Homes Plc: H1 2024 Trading Update 03-Jul-2024 / 07:00 GMT/BST\n\n\n \n\n \n\nTrading Update for the Six Months Ended 30 June 2024\n\nRecord H1 Supports c.30% Growth in 2024\n\n \n\nDublin / London, 3 July 2024: Cairn Homes plc (“Cairn”, “the Company” or “the Group”) (Euronext Dublin: C5H / LSE: CRN) today issues a Trading Update for the six months ended 30 June 2024 in advance of interim results to be announced on 4 September 2024. \n\n \n\nH1 2024 Highlights\n\nThe increase in housing output and profitability that the Company has delivered in recent trading periods has continued in the year-to-date, with strong first half-year revenues generated. Market conditions remain very favourable with exceptional demand for our energy-efficient new homes across all buyer profiles, supported by impactful Government initiatives and policies, an improving mortgage market, population growth and record employment.\n\n894 closed units1 generating revenue of c.€365 million (H1 2023: 535 closed sales and €220 million revenue), a 66% year-on-year increase in revenue.\n Successful starter home launches nationwide including at our landmark Seven Mills development and our first developments in Kilkenny (Nyne Park) and Cork (Bayly) respectively. \n Closed and forward orderbook has increased to c.3,100 new homes with a net sales value of nearly €1.2 billion. This multi-year sales pipeline underpins our medium-term growth targets.\n Closed our first two forward fund transactions at our mixed tenure developments in Parkside and Seven Mills. These transactions enhance the scale, pace and delivery certainty of apartments and enable us to materially increase the supply of social, affordable and cost rental homes for our State supported counterparties.\n The Land Development Agency (LDA) has included Cairn in its housebuilder partnership framework panel for Project Tosaigh 2, a programme which is targeting the delivery of 5,000 affordable homes in the near-term.\n Significant ongoing investment in our business will result in 10 new site commencements in 2024.\n Retained our A- Carbon Disclosure Project (CDP) score, with continued focus on our sustainability strategy across a number of initiatives. We commenced our third scaled Passive House apartmen...