Business
Results for the Year Ended 31 December 2022
Results for the Year Ended 31 December 2022.
About this update from Cairn Homes Plc
[{"type":"text","content":"\n \n\n\nCairn Homes Plc (CRN)\n\n\n\nCairn Homes Plc: Results for the Year Ended 31 December 202202-March-2023 / 07:00 GMT/BST\n\n\n \n\n \n\nResults for the Year Ended 31 December 2022\n\nCompany Beats 2022 Forecasts With Significant Growth in Housing Output in 2023 Underpinned by a Record Order Book\n\n \n\nDublin / London, 02 March 2023: Cairn Homes plc (“Cairn”, “the Company” or “the Group”) (Euronext Dublin: C5H / LSE: CRN), today announces its results for the year ended 31 December 2022. \n\n \n\n\n Financial Highlights\n \n \n 2022\n \n \n 2021\n \n \n \n \n \n Change\n \n \n €m\n \n \n \n \n \n Revenue\n \n \n 617.4\n \n \n 424.0\n \n \n \n \n \n +46%\n \n \n Gross margin\n \n \n 21.7%\n \n \n 19.8%\n \n \n \n \n \n +190bps\n \n \n Operating profit \n \n \n 103.0\n \n \n 58.4\n \n \n \n \n \n +76%\n \n \n Operating margin\n \n \n 16.7%\n \n \n 13.8%\n \n \n \n \n \n +290bps\n \n \n Basic earnings per share (cent)\n \n \n 11.5c\n \n \n 5.8c\n \n \n \n \n \n +5.7c\n \n \n Dividend per share (cent)[1]\n \n \n 6.1c\n \n \n 5.5c\n \n \n \n \n \n +0.6c\n \n \n Total equity\n \n \n 751.8\n \n \n 778.8\n \n \n \n \n \n (€27.0m)\n \n \n ROE[2]\n \n \n 11%\n \n \n 6%\n \n \n \n \n \n +500bps\n \n \n Net debt\n \n \n 149.3\n \n \n 109.5\n \n \n \n \n \n +€39.8m\n \n \n\nContinued Growth and Progress in 2022 \n\nStrong financial and operational performance with growth across all of our key metrics.\n Closed 1,526 new homes sales (2021: 1,120) delivering revenues of €617.4 million (2021: €424.0 million), with in excess of €610 million generated from core homebuilding activities. \n Exceptionally strong second half of 2022 with 979 sales completions, total revenue of €377.0 million and €129.6 million of operating cashflow[3] generated.\n Strong demand across all of our expanding and multiple sales markets with over 1,600 new homes agreed for sale nationwide in the year, and a record forward order book into 2023. Our average sales rates were in excess of 4 new homes per week per active selling site during the year.\n Continued to reinvest in our sustainable multi-year growth and to take advantage of the exceptionally strong demand backdrop. Total work-in-progress investment of €469.3 million in our construction activities during 2022 wit...