Cairn Homes revenue up 48% on back of PRS sales

Irish housebuilder reported soaring revenue and profits boosted by PRS sales, in the six months ended June 2019. Revenue rose 48% to €192.4m (£172m), with operating profit up 51% to €27.3m, compared to the same period last year. Cairn completed the sale of 390 units, up from 292 the previous year. Its average selling price ballooned from €393,000 to €449,000, largely driven by its €101m sale of 120 units at Six Hanover Quay to Carysfort Capital, which completed during the period. At the end of the half year it was active on 15 of its 33 sites, which will deliver 5,250 homes. It is expecting about 1,000 home sales in the second half of the year. Cairn said that around 3,300 of its 4,600 apartments could satisfy more than €1bn of capital seeking PRS opportunities. Michael Stanley, co-founder and chief executive, said: “We are availing of the substantial interest of long-term institutional capital in multifamily PRS apartments. We are realising value for non-core assets. “As a consequence, Cairn has delivered good revenue and profit growth and strong cash generation in H1.” To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette