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DUBLIN - Cairn Homes Plc ( Euronext (EPA:ENX) Dublin: C5H / LSE: CRN), a leading Irish homebuilder, announced a strong financial performance for the year ended December 31, 2024. The company reported a significant 29% increase in revenue, reaching €859.9 million, up from €666.8 million in the previous year, driven by the sale of 2,241 housing units.
The company’s gross margin slightly declined to 21.7% from 22.1%, attributed to a change in product mix and an increase in competitively priced affordable homes. Despite this, operating profit surged by 32% to €150.0 million, resulting in an operating margin improvement of 40 basis points to 17.4%.
Basic earnings per share (EPS) grew by an impressive 41% to 17.9 cents, and the company increased its dividend per share by 30% to 8.2 cents, signaling confidence in its financial stability and commitment to shareholder returns.
Cairn Homes also reported a robust closed and forward order book, with a 5% increase in both units and value net of VAT, standing at 2,593 units with a net sales value of €989 million. This compares favorably to the previous year’s figures of 2,473 units and a net sales value of €946 million.
The company’s focus on driving efficiencies and innovation in construction has contained build cost inflation to less than 2%. This strategic approach, along with significant investment in new home commencements, positions the company well for continued growth.
Cairn Homes’ commitment to sustainable construction is evident, with 72% of 2024 commencements on Biodiversity Net Gain sites and recognition as Ireland’s first developer to build new homes to the Passive House standard at scale.
Looking ahead, Cairn Homes expects 2025 to be another strong year, with revenue growth anticipated to exceed 10%, an operating profit of approximately €160 million, and a return on equity of around 15.5%.
The company’s results are based on a press release statement and reflect its operational advancements and strategic investments, setting the stage for sustained growth in the Irish housing market.
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