Cairn Homes’ profit before tax fell by 94% in the six months to the end of June as the coronavirus lockdown hit house sales.
The Irish housebuilder’s profit before tax in H1 was €1.2m (£1.2m), down from €27.8m the previous year, and revenue fell by 58% to €80.9m from €192.4m. Net debt has increased to €186.8m, comprising drawn debt of €342.4m and available cash of €155.6m.
The current value of its forward sales pipeline is €237m, as the demand for home ownership in Ireland has increased as a consequence of lockdown, the company said.
