Cairn Homes to list in 2017

Irish housebuilder Cairn Homes has reported a 13-fold increase in revenues to of €40.9m (£35.5m) in its annual results for 2016, up from €3.7m the year before. In a stock exchange announcement, it said gross profit for the year was €7.1m, while gross profit margins were more than 16% for the year. Overall operating profit was €3.6m, compared with an operating loss the year before of €3.8m. The company said it intends to seek a primary listing on the Irish Stock Exchange during 2017. Chief executive Michael Stanley said: “We have made significant progress during 2016, both in terms of construction activity and sales performance. We are now building on seven sites in the Greater Dublin area, with additional sites due to commence later this year. “2017 will be a transformative year for Cairn, and with strengthening mortgage-backed demand, we now expect to close between 375 and 400 units in the current year. This underpins our confidence in achieving our 2018 and 2019 targets of in excess of 850 units and 1,200 units respectively.” Cairn homes reported a rise in sales on its sites from Q2 onwards, from 3.5 per week in Q2, to 10.0 in Q4, to 19.7 in Q1 2017. Total site acquisition spend was  €265.5m in 2016, following a spend of €489.7m in 2015. Average site cost was €53,000. About 96% of Cairn’s landbank of 12,100 units is residentially zoned or has a live planning consent. Dec 2016, €’000 01/12/2015, €’000 Key financial highlights 40,906 3,717 Revenue 7,062 702 Gross profit 3,646 -3,790 Operating profit/loss -1,459 -5,476 Loss before tax after exceptional items -2,815 -37,520 Basic diluted loss per share -€ 0.00 -€ 0.16   To send feedback, e-mail alex.peace@estatesgazette.com or tweet @egalexpeace or @estatesgazette