Cairn Homes doubles profit, and says it will double again this year

Cairn Homes has more than doubled operating profit to €58m (£48m) after revenue rose by two-thirds. The Irish housebuilder closed 1,120 home sales in 2021, up from 743 in 2020, delivering revenue of €424m. The heavy lifting was mostly done by the second half of 2021, Cairn’s strongest ever half, which saw 717 sales, total revenue of €293m, a gross margin of 20.3% and €108.7m operating cashflow generated. The firm said strong sales for 2022 so far and forward sales led it to believe that turnover would be in excess of €600m from 1,500 sales, with operating profit in excess of €100m. CEO Michael Stanley said: “We have brought multiple new developments through a difficult planning system and we are poised to significantly increase our output over the coming years.” He added that Cairn had sold its 5,000th home during 2021 in the company’s seventh year in business. “We expect to build at least the same number again in the coming three years,” he said. To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews