Cairn Homes PLC are proud to present our 2017 Preliminary Results, the full document can be viewed and downloaded from our Investor Relations section. Below is some of the positive exposure around the announcement.
Revenue increases by over €100m at Cairn Homes
Cairn Homes has reported revenue of €149.5m for 2017, an increase on the €40.9m recorded in 2016, according to preliminary results for the company released today.
The substantial increase in revenue was driven by the sale 418 residential units in 2017, which generated around €131m in revenue. In 2016 the stock exchange-listed builder sold 105 residential units.
Last year the company, which is behind new residential estates such as Parkside in the north Dublin suburb of Balgriffin, and Churchfields in Ashbourne, saw its average selling price increase to €315,000, up from €295,000 in the previous year.
Operating profit at the company, which recently commenced work on a new apartment development at Greenfield Park, Donnybrook, was €15m, up from €3.6m in 2016, which the company said reflected “excellent underlying performance and progress in delivering Cairn's strategic objectives and maturing of the business."
Cairn Homes builds big profit and revenue gains in 2017
Housebuilder Cairn Homes has reported a pre-tax profit of €6m for the year to the end of December, up from a pre-tax loss of €2.8m in 2016.
Revenues for the year jumped to €149.5m from €40.9m while its operating profits increased to €15m from €3.6m in 2016.
Cairn Homes said that it is active on 11 developments, up from five at the end of 2016, which will deliver over 3,650 new homes.
It completed 419 unit sales at an average price of €315,000 last year, an increase of €20,000 on the average unit sale price in 2016.
In its results statement, Cairn Homes said that the greater Dublin area needs 20,000 homes a year due to a growing population, increasing employment and eight years of "chronic" undersupply.
Michael Stanley, Cairn's chief executive, said the company was very pleased with the progress made on new site commencements, units constructed and new homes sold last year - all of which exceeded expectations.