Home builder Cairn said strong demand from first-time buyers supported revenue in the first half of the year, as the company performed in line with expectations.
Revenue for the first six months of 2025 was €280 million, on around 700 units, it said in a trading statement. That was lower than the comparative period in 2024, when the company had revenue of €366.1 million on 894 units.
The company is expecting that investment in scaled construction activity in the first half of the year will support performance for the rest of 2025, with Cairn’s business traditionally weighted to the second half of the year for trading, transaction timing and mix.
The company said its multiyear closed and forward order book has increased to 3,700 new homes with a net sales value of around €1.4 billion, supported by strong private sales in the period.
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Eight new schemes in Dublin, Kildare, Meath, Cork and Galway generated strong demand from its core first-time buyer market, Cairn said. The new schemes include Cairn’s first Croí Cónaithe-approved apartment development, located in Douglas, Co Cork.
“We have witnessed exceptional demand in the year to date, including in our numerous private sales launches in the spring and early summer sales season,” chief executive Michael Stanley said.
Cairn has agreed to acquire land that could deliver around 2,000 homes in the medium term, it said, with joint venture arrangements and option agreements to secure an additional 1,500 units progressing.
Cairn has also increased its access to capital and liquidity, following the refinancing of part of its US private placement debt in early July that increased its facility by €40 million to €97.5 million.
Cairn said it was confident in its outlook for the full year, expecting revenue growth of more than 10 per cent and operating profit of around €160 million.
The planned 4.1 cent interim dividend per ordinary share, which it plans to announce alongside interim results in September, will be an 8 per cent increase on 2024’s interim dividend of 3.8 cent.
The construction company also welcomed changes announced by Government this week 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,” Mr Stanley said.
“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.”
Mr Stanley said the guideline changes would also lower selling prices for future Croí Cónaithe developments and Local Authority Affordable Purchase Schemes.
