Cairn Homes expects full-year sales to exceed €650 million this year

CAIRN Homes, the majority landowner in Clonburris, continues to report strong demand.

Last week, Cairn laid out the foundations for another year of robust growth in a trading update for the six months to the end of June.

Cairn will continue its €40m share buyback scheme in the second half of the year, while it also plans to pay an interim dividend to shareholders of 3.1 cent per share, which will see it return over €23m to investors in cash.

Cairn Homes’ investors would have been happy to hear about the strong demand, with its forward sales pipeline for new homes growing rapidly.

The company expects full-year sales to exceed €650m this year. More importantly, operating profits should grow to somewhere in the region of €105m to €110m.

That level of operating profit would reflect a 2 per cent to 6.8 per cent increase on last year’s profit.

In January, Cairn Homes submitted a planning application for nearly 600 apartments within the Clonburris Strategic Development Zone (SDZ).

Ultimately, Cairn plan to develop 5,000 new homes, commercial and retail space, and local parks on approximately 96 hectares of land in Clonburris. Overall, the Clonburris SDZ is set to comprise 8,347 homes, eight schools, two train stations (Fonthill and Kishogue) as part of the DART Expansion Plan, 3.3km of frontage onto the Grand Canal, and 12.5km of cycleways and walkways.

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