Irish housebuilder Cairn Homes has announced a jump in revenue and profit in its half-year results, fuelled by rising residential property sales.
In the six months ended 30 June 2017, revenue by jumped by 157% to €41.2m (£37.9m) from €16m in the same period last year, while profit increased by €5.1m to €7.7m.
Residential property sales made up €26.3m of revenue, from €15.4m in 2016, and non-core site sales accounted for €14.1m.
The residential property sales revenue relates to 94 completions in the first half of 2017, up from 39 last year. The company also has a pipeline of forward sales on 474 units.
Cairn Homes has an inventory valued at €766.4m, comprising a core land bank of 33 separate sites on which it will develop around 12,700 units, with more than 90% located in the Greater Dublin area.
Cairn Homes is currently active on nine developments, compared with five developments at the end of 2016. They include Parkside (its joint scheme with NAMA), Albany, Marianella, Churchfields, Hanover Quay, Shackleton Park, Glenheron and Elsmore, which will deliver more than 3,250 new homes.
In addition, after the end of the reporting period, the company acquired the RTÉ Montrose site in July for €107.5m. The 8.64-acre prime residential site in Donnybrook, Dublin 4, has potential for an apartment development.
Cairn Homes chief executive Michael Stanley said: “We have made very good progress against our strategic objectives during the first half of 2017. We are actively selling on seven sites, soon to be eight, with a very strong and growing forward sales pipeline of €188m. The quality of our land bank and range of houses and apartments are meeting the needs of distinct segments of the market, from first-time buyers to people trading up or downsizing. Our business model is designed to consistently deliver high-quality homes in developments of scale and the market has been responding accordingly.”
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