Cairn Homes Plc: H1 2025 Trading Update

DJ Cairn Homes Plc: H1 2025 Trading Update

Cairn Homes Plc (CRN) 
Cairn Homes Plc: H1 2025 Trading Update 
09-Jul-2025 / 07:00 GMT/BST 
 
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Trading Update for the Six Months Ended 30 June 2025 
 
Strong First Time Buyer Sales Driving Momentum 
 
  
 
Dublin / London, 9 July 2025: Cairn Homes plc ('Cairn', 'the Company' or 'the Group') (Euronext Dublin: C5H / LSE: CRN) 
today issues a trading update for the six months ended 30 June 2025 in advance of interim results to be announced on 3 
September 2025. 
 
  
 
H1 2025 Highlights1 
 
  
 
 -- Generated revenue of c.EUR280 million from c.700 units2 (H1 2024: revenue of EUR366.1 million and 894 units2). H1 2025 
  performance was in line with expectation, reflecting the Company's historically H2 weighted trading, transaction 
  timing and mix compared to H1 2024. 
 -- The Company's significant investment in scaled construction activity in H1 will support our H2 performance as we 
  continue to maximise our operational competitive advantages into the medium term. 
 -- Strong private sales in the period have increased our multi-year closed and forward order book to c.3,700 new homes 
  with a net sales value of c.EUR1.4 billion (8 May 2025: c.3,250 and c.EUR1.25 billion). 
 -- Launched eight new schemes in Dublin, Kildare, Meath, Cork and Galway, with strong demand witnessed from our core 
  First Time Buyer (FTB) market. This includes the successful launch of our first Croí Cónaithe approved apartment 
  development in Douglas (Co. Cork), with this positive Government initiative supporting private ownership of 
  apartments. 
 -- Continued to progress our capital efficient land acquisition strategy and agreed to acquire land which will deliver 
  c.2,000, primarily FTB homes in the medium term, and have progressed joint venture arrangements and option 
  agreements to secure an additional c.1,500 units. 
 -- The Board intends to announce a c.4.1 cent interim dividend per ordinary share at interim results on 3 September 
  2025 (an 8% increase from FY24 interim dividend per ordinary share of 3.8 cent). 
 -- Redesignation of our existing EUR402.5 million Sustainability Linked Loans to Green Loans3, reflecting our alignment 
  with globally recognised best practices in sustainable finance. 
 -- In early July, the Company completed a refinance of part of our US Private Placement debt, increasing our facility 
  by EUR40.0 million to EUR97.5 million. The Company now has access to EUR500 million of committed debt facilities, with an 
  average maturity of nearly five years, adding further capital and liquidity to fund continued growth. 
  
 
Outlook 
 
  
 
Supported by the growth in our multi-year closed and forward order book of over 1,300 new homes from the beginning of 
this year, we remain confident in our full year guidance: 
 
  
 
 -- Revenue growth in excess of 10%; 
 -- Operating profit of c.EUR160 million; and 
 -- ROE4 of c.15.5%. 
  
 
Commenting on the H1 2025 trading update, Michael Stanley, Chief Executive Officer, said: 
 
  
 
"We have witnessed exceptional demand in the year to date, including in our numerous private sales launches in this 
spring and early summer sales season. We were also encouraged to see such strong support for our first Croí Cónaithe  
development in Cork, from first time buyers seeking affordable private ownership of apartments. With over 1,300 new 
homes sale agreed this year across our developments, the value of our closed and forward order book has risen to c.EUR1.4 
billion. 
 
  
 
Yesterday, the Government announced significant amendments to apartment design guidelines. As Ireland's most active 
apartment builder, we welcome this initiative, which will reduce build costs. We plan to submit revised designs and 
prioritise projects for our Affordable Housing Body (AHB) customers. When amendments are approved by planning 
authorities, we will pass on the significant cost savings to our AHB customers, which should in turn reduce affordable 
rents for new Cost Rental apartments. These guideline changes will also lower selling prices for future Croí Cónaithe 
developments and Local Authority Affordable Purchase Schemes."  
 
  
 
The Company will release 2025 interim results on 3 September 2025. 
 
  
 
For further information, contact: 
 
  
 
Cairn Homes plc                          [phone] 
 
Michael Stanley, Chief Executive Officer 
 
Richard Ball, Chief Financial Officer  
 
Ailbhe Molloy, Senior Investor Relations Manager 
 
  
 
Drury Communications                       [phone] 
 
Gavin McLoughlin 
 
Claire Fox 
 
Conor Mulligan 
 
  
 
Notes to Editors 
 
Cairn is an Irish homebuilder committed to building high-quality, competitively priced, sustainable new homes and 
communities in great locations. At Cairn, the homeowner is at the very centre of the design process. We strive to 
provide unparalleled customer service throughout each stage of the home-buying journey. A new Cairn home is expertly 
designed, with a focus on creating shared spaces and environments where communities thrive. Cairn owns a c.15,300 unit 
landbank across 38 residential development sites, over 90% of which are located in the Greater Dublin Area (GDA) with 
excellent public transport and infrastructure links. 
 
  
 
  
 
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1 Preparation of 2025 interim results is ongoing and subject to auditor review. 
 
2 This comprises both closed sales and equivalent units. Equivalent units relate to forward fund transactions which are 
calculated on a percentage completion basis based on the constructed value of work completed, divided by total 
estimated costs. 
 
3 Aligned with the Loan Market Association's Green Loan Principles. 
 
4 ROE (Return on Equity) is defined as Profit after Tax divided by Total Equity at year end. 
 
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The issuer is solely responsible for the content of this announcement. 
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ISIN:      IE00BWY4ZF18 
Category Code: TST 
TIDM:      CRN 
LEI Code:    635400DPX6WP2KKDOA83 
OAM Categories: 3.1. Additional regulated information required to be disclosed under the laws of a Member State 
Sequence No.:  395336 
EQS News ID:  2167102 
  
End of Announcement EQS News Service 
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July 09, 2025 02:00 ET (06:00 GMT)