Cairn Homes expects profit to be 10% higher than previously stated, as sales outstripped expectations.
The Irish housebuilder said it more than made up for H1’s site closures by selling a record number of homes in H2. More than 1,120 homes were sold over the year, up from 2020’s 743, generating revenue of €419m (£350m). Margin was also up for H2, rising to 20.3% from H1’s 18.5%. The gross margin for the year was 19.8%, up from 2020’s 16.3%. Cairn expects operating profit to be around €58m, more than 10% ahead of previous guidance.
Cairn said it was updating its forecast for 2022, with turnover expected to exceed €600m from 1,500 sales and an operating profit of between €95m and €100m, up from previous expectations of €85m.
