Cairn homes raises full year forecasts despite 18% fall in profits

Despite a drop in profits, the group said the past six months was its "best period to date for sales" 

Cairn Homes CEO, Michael Stanley. In the period, the developer saw operating profit fall to €29.6m, down from €36.2m in the same period last year, with revenue falling to €219.5m, down by 9%. Pic. Keith Arkins 

Ireland's biggest builder saw profit fall by 18% as high inflation continues to impact the cost of new builds.

However, in its half-year results posted on Thursday, developer, Cairn Homes said the past six months reflected the group's "best period to date for sales," despite posting a 9% drop in revenue.