Cairn Homes posts record start to the year

The chief executive of Irish housebuilder Cairn Homes has pointed to “exceptionally strong” demand as the company posted its “best-ever performance” in terms of sales over the first half of 2022. Revenue rose by 84% from a year earlier in the six months to the end of June, hitting €240.4m (£208.9m). Operating profit more than trebled to €36.2m. The company made 547 new home sales closings, marking its strongest first-half to date, and said its closed and forward sales pipeline stands at 1,988 new homes with a net sales value of more than €760m. Chief executive Michael Stanley said: “Social, affordable rental and affordable ownership homes now represent a much larger proportion of Cairn’s output. This year we will deliver over 500 new homes for or through state agencies. We will continue to play a leading role investing in providing high-quality, value-for-money homes for these critical customers into 2023 and beyond.” He added: “Recent sales also include homes across five of our developments to first-time buyers who have been able to avail of the government’s new First Home shared equity scheme. This and other supports are absolutely crucial, particularly at a time when building costs continue to increase and mortgage costs are rising.” To send feedback, e-mail tim.burke@eg.co.uk or tweet @_tim_burke or @EGPropertyNews Image from Cairn Homes