Profit and revenue at home builder Cairn Homes rose last year, buoyed by the ongoing demand in Ireland’s property market.
Preliminary results for 2024 showed revenue rose 29 per cent year on year, reaching €859.9 million from 2,241 units in 2024. That compared to 1,741 units in 2023. The average selling price was €383,000, down slightly from €389,000 in the previous year.
Gross profit was €187 million, up from €147.6 million, with a gross margin of 21.7 per cent compared to 22.1 per cent a year earlier. Operating profit grew 32 per cent from €113.4 million to €150 million last year.
Operating costs fell to 4.3 per cent of revenue as the company focused on productivity and efficiency.
Basic earnings per share rose by 41 per cent to 17.9 cent. Net debt was €154.4 million.
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“We took a material step, right across our business, in operational performance and volume delivery in 2024. We also made significant progress in our financial performance based on a foundation of continuous and substantial investment in the delivery of new homes for private buyers and for the State,” said chief executive Michael Stanley. “We will continue to be relentless in driving efficiencies through scale, innovation, digital and sustainable construction to deliver new homes at pace, scale and value for money. We look forward to another strong year of growth in housing output.”
The construction company returned €115.3 million to shareholders through share buyback programmes and dividend policy during the year, with dividend per share rising by 30 per cent to 8.2 cent, including a proposed final dividend of 4.4 cent that is subject to shareholder approval at its May AGM.
“The newly elected Government has put new home delivery front and centre in its Programme for Government. While policymakers give due consideration to the strategic challenges surrounding housing delivery in the medium term, there are numerous quick wins that can deliver substantially more homes in the short term,” said Mr Stanley. “This is the time for the Government to be brave and I have confidence that we and the broader industry will respond in kind.”
