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Cairn Homes Plc (CRN)
Cairn Homes Plc: H1 2025 Trading Update
09-Jul-2025 / 07:00 GMT/BST
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Trading Update for the Six Months Ended 30 June 2025
Strong First Time Buyer Sales Driving Momentum
Dublin / London, 9 July 2025: Cairn Homes plc (‘Cairn’, ‘the Company’ or
‘the Group’) (Euronext Dublin: C5H / LSE: CRN) today issues a trading
update for the six months ended 30 June 2025 in advance of interim results
to be announced on 3 September 2025.
H1 2025 Highlights 1 1
• Generated revenue of c.€280 million from c.700 units 2 2 (H1 2024:
revenue of €366.1 million and 894 units2). H1 2025 performance was in
line with expectation, reflecting the Company’s historically H2
weighted trading, transaction timing and mix compared to H1 2024.
• The Company’s significant investment in scaled construction activity
in H1 will support our H2 performance as we continue to maximise our
operational competitive advantages into the medium term.
• Strong private sales in the period have increased our multi-year
closed and forward order book to c.3,700 new homes with a net sales
value of c.€1.4 billion (8 May 2025: c.3,250 and c.€1.25 billion).
• Launched eight new schemes in Dublin, Kildare, Meath, Cork and Galway,
with strong demand witnessed from our core First Time Buyer (FTB)
market. This includes the successful launch of our first Croí Cónaithe
approved apartment development in Douglas (Co. Cork), with this
positive Government initiative supporting private ownership of
apartments.
• Continued to progress our capital efficient land acquisition strategy
and agreed to acquire land which will deliver c.2,000, primarily FTB
homes in the medium term, and have progressed joint venture
arrangements and option agreements to secure an additional c.1,500
units.
• The Board intends to announce a c.4.1 cent interim dividend per
ordinary share at interim results on 3 September 2025 (an 8% increase
from FY24 interim dividend per ordinary share of 3.8 cent).
• Redesignation of our existing €402.5 million Sustainability Linked
Loans to Green Loans 3 3, reflecting our alignment with globally
recognised best practices in sustainable finance.
• In early July, the Company completed a refinance of part of our US
Private Placement debt, increasing our facility by €40.0 million to
€97.5 million. The Company now has access to €500 million of committed
debt facilities, with an average maturity of nearly five years, adding
further capital and liquidity to fund continued growth.
Outlook
Supported by the growth in our multi-year closed and forward order book of
over 1,300 new homes from the beginning of this year, we remain confident
in our full year guidance:
• Revenue growth in excess of 10%;
• Operating profit of c.€160 million; and
• ROE 4 4 of c.15.5%.
Commenting on the H1 2025 trading update, Michael Stanley, Chief Executive
Officer, said:
“We have witnessed exceptional demand in the year to date, including in
our numerous private sales launches in this spring and early summer sales
season. We were also encouraged to see such strong support for our first
Croí Cónaithe development in Cork, from first time buyers seeking
affordable private ownership of apartments. With over 1,300 new homes sale
agreed this year across our developments, the value of our closed and
forward order book has risen to c.€1.4 billion.
Yesterday, the Government announced significant amendments to apartment
design guidelines. As Ireland’s most active apartment builder, we welcome
this initiative, which will reduce build costs. We plan to submit revised
designs and prioritise projects for our Affordable Housing Body (AHB)
customers. When amendments are approved by planning authorities, we will
pass on the significant cost savings to our AHB customers, which should in
turn reduce affordable rents for new Cost Rental apartments. These
guideline changes will also lower selling prices for future Croí Cónaithe
developments and Local Authority Affordable Purchase Schemes.”
The Company will release 2025 interim results on 3 September 2025.
For further information, contact:
Cairn Homes plc +353 1 696 4600
Michael Stanley, Chief Executive Officer
Richard Ball, Chief Financial Officer
Ailbhe Molloy, Senior Investor Relations Manager
Drury Communications +353 1 260 5000
Gavin McLoughlin
Claire Fox
Conor Mulligan
Notes to Editors
Cairn is an Irish homebuilder committed to building high-quality,
competitively priced, sustainable new homes and communities in great
locations. At Cairn, the homeowner is at the very centre of the design
process. We strive to provide unparalleled customer service throughout
each stage of the home-buying journey. A new Cairn home is expertly
designed, with a focus on creating shared spaces and environments where
communities thrive. Cairn owns a c.15,300 unit landbank across 38
residential development sites, over 90% of which are located in the
Greater Dublin Area (GDA) with excellent public transport and
infrastructure links.
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5 1 Preparation of 2025 interim results is ongoing and subject to auditor
review.
6 2 This comprises both closed sales and equivalent units. Equivalent
units relate to forward fund transactions which are calculated on a
percentage completion basis based on the constructed value of work
completed, divided by total estimated costs.
7 3 Aligned with the Loan Market Association’s Green Loan Principles.
8 4 ROE (Return on Equity) is defined as Profit after Tax divided by
Total Equity at year end.
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Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
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ISIN: IE00BWY4ZF18
Category Code: TST
TIDM: CRN
LEI Code: 635400DPX6WP2KKDOA83
OAM Categories: 3.1. Additional regulated information required to be
disclosed under the laws of a Member State
Sequence No.: 395336
EQS News ID: 2167102
End of Announcement EQS News Service
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