The co-founder of Irish housebuilder Cairn Homes is stepping down from his executive role on the company’s board.
Executive director Alan McIntosh, who in 2014 co-founded Cairn Homes and played a key role in the firm’s successful IPO in June 2015, will move to a non-executive director role on Cairn’s board.
Separately, the company has posted gross profit for the first half of 2018 of €26.1m (£23.5m), representing a threefold increase from €7.7m for H1 last year.
It also boosted its revenue to €130.2m in the first half from €41.2m. The increase was driven by a rise in completed property sales from 94 to 293.
Chief executive Michael Stanley said: “We are experiencing levels of demand for our quality new homes exceeding our expectations. In 2018 we expect to generate revenues of €350m in only our third full year of operations.
“Today we are increasing our medium-term target to 1,400 to 1,500 units annually from 2021. Our strong profit and cash generation this year and in 2019 will enable us to pay our first dividend to our shareholders.”
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