Cairn Homes shares rise on bullish recovery hopes

Cairn Homes CEO Michael Stanley

Shares in Irish housebuilding group Cairn Homes rose 2% on it saying it is seeing strong buyer demand and a better-than-expected recovery in its business.

The company’s shares initially surged by over 4% on the release of its trading update for the first half of the year, even though it flagged a probable near 60% fall in revenue, to around €80.6m, and a near 80% drop in operating profit to around €5.6m for the six months to the end of June due to the impact of the Covid outbreak.