Michael Stanley of housebuilder Cairn Homes
Stock market listed housebuilder Cairn Homes says it completed 30pc more new units last year than in 2023 as its capacity has ramped up. In an end of year trading update the business said it closed sales of 2,243 new homes in 2024, beating guidance.
That was up from 1,741 in the previous year.
The average selling price (net of VAT) of the new Cairn homes was €383,000, down slightly from a year earlier, reflecting a significant step-up in the delivery of units for State backed partners.
Rival Glenveagh completed slightly more units last year, at 2,415, it said last week.
Cairn said it commenced work on 4,100 new homes last year, almost double the 2023 tally. It also signed up to forward fund transactions with housing agencies that will deliver 2,150 social and affordable homes over a number of years.
Cairn’s revenue for the year rose to €860m from €668.8m in 2023. Operating profits increased 32pc to €150m.
The business, which has shifted its mix of schemes to hike delivery of affordable homes for private purchase underpinned by a mix of State subsidies and work for approved housing bodies including, reported a gross margin of.21.7pc, down slightly on 2023.
Commenting on the full year 2024 trading update, Michael Stanley, Chief Executive Officer, said 2024 had been a very successful year for the business.
“We grew our business by 30pc in a very successful 2024. This represents the biggest annual step-up in operational and volume
growth since the company was established.”
He pointed to the imminent formation of a new Government and focus shift to housing policy as potentially significant.
“While this remains a complex and multi-faceted challenge, the new Government must continue to prioritise essential affordable housing delivery. The current suite of well-designed affordable housing initiatives include Croí Cónaithe, Local Authority Affordable Purchase and Cost Rental
accommodation (CREL). These proven and effective measures are however currently sub-scale, in need of increased investment,
broader awareness and support,” he said.
