Cairn Homes PLC

Latest Results (12.01.2025):

Revenue Growth

Cairn Homes PLC reported a significant increase in revenue for the first half of 2024, reaching €366.1 million. This marks a 67% growth compared to the same period in 2023, where the revenue was €219.5 million. The increase is attributed to the closing of 894 units, up from 535 units in the previous year.

Operating Profit and Margin

The company achieved an operating profit of €61.4 million for the six months ended 30 June 2024, more than doubling the €29.6 million recorded in the first half of 2023. Additionally, Cairn Homes PLC saw a 330 basis points increase in operating margin, reaching 16.8% compared to 13.5% in the previous year, highlighting the efficiency of their scaled operating platform.

Cash Flow and Debt

Cairn Homes PLC generated €49.5 million in operational cash flow during the first half of 2024, a significant improvement from the €30.7 million used in operating activities in the same period of 2023. The company's net debt decreased to €157.0 million from €228.6 million, reflecting improved financial management and the addition of a fourth lender, Home Building Finance Ireland.

Earnings and Dividends

The basic earnings per share (EPS) for Cairn Homes PLC increased by 140% to 7.2 cent in the first half of 2024, compared to 3.0 cent in the same period of 2023. The interim dividend per share (DPS) also saw a 23% increase, rising to 3.8 cent from 3.1 cent, demonstrating the company's commitment to returning value to shareholders.

Outlook and Guidance

Cairn Homes PLC remains optimistic about its future performance, reaffirming its guidance for the full year 2024. The company expects to deliver approximately 2,200 units, achieve an operating profit of around €145 million, and maintain a return on equity (ROE) of 15%. The strong order book and scaled operating platform support this positive outlook.