Cairn Homes sees revenue increase by 58% during first half of the year

Cairn Homes chief executive Michael Stanley

Homebuilder Cairn Homes has seen its revenue increase by 58% during the first half of this year as it grows its forward order book to 4,800 new homes, the company has said.

In a trading update, Cairn Home said it generated revenue of €450m from the sale of 1,130 units between January and June this year - up from the €284.5m during the same period last year from the sale of 708 units.

It said it has been selling, on average, 100 units a week since April 30 "illustrating significant sales momentum across all tenures”.

Cairn said its closed and forward order book has grown to around 4,800 new homes with a net sales value of €1.8bn.

The company reaffirmed its guidance for this year with revenue expected to be between €1.05bn and €1.08bn while operating profit is expected to be between €180m and €185m.

The company started work on five new sites during the first half of the year and they are now active on 26 sites across the Greater Dublin Area, Cork and Galway.

Over 150 apartments sold following the recent launch of Exchange Square at its Seven Mills development. These units are one and two bedroom apartments with pricing between €235,000 and €400,000.

"This is the first phase of Croí Cónaithe (Cities) apartments being offered to private purchasers at Seven Mills, which is now home to nearly 4,000 residents,” the company said.

The company added that build cost inflation is running at 2.5% so far this year.

The Board intends to announce a 4.5c interim dividend per ordinary share when the company releases its interim results on September 2.

In its outlook, Cairn said it expects to deliver a 35% increase in our housing output across 2026 and 2027, representing around 6,000 new homes, including 3,200 homes in 2027.

Chief executive of Cairn Homes Michael Stanley said the company delivered a “strong first half” to the year and “our continued investment has enabled multiple new project commencements across the Greater Dublin Area, Cork and Galway”.

“Across 2026 and 2027, Cairn will deliver 6,000 new homes and continue to play a leading role in addressing Ireland’s housing deficit. By managing costs, leveraging our scale and operational capability, and continuing to innovate, we are making demand more realisable and increasing our output.”