The housebuilder sold 1,139 homes in the first half of the year as revenues rose 60 per cent to €455.5m
Strong home sales drive profits at Cairn Homes
SEVEN Mills developers Cairn Homes posted record revenues and profits for the first half of the year with massive jumps in value and also announced a new buyback programme.
Cairn Homes’ half-year revenues rose to €455.5 million in a 60 per cent leap year-on-year while a 75 per cent increase in operating profits was recorded, with the figure noted to be €74.8m.
On top of this, the construction company announced the commencement of a share buyback programme to repurchase ordinary shares of up to €50 million.
The Share Buyback Programme may continue until September 2027 subject to market conditions, the ongoing capital requirements of the business and termination provisions customary for arrangements of this nature.
The maximum number of ordinary shares to be repurchased under the Share Buyback Programme is initially 94,350,379.
As a result of the strong performance to kick off the year, the company has improved its outlook for full year figures, with an expected revenue of
€1.08bn and operating profits of €185m predicted.
Cairn Homes stated: “We delivered a strong operational and financial performance demonstrating the earnings and cash generation benefits of our scaled operating platform.”
Gross profit also had a growth of 54 per cent as it climbed to €96.9m in the financial year.
Net assets at the construction company grew by 13 per cent to €860.3m while net debt fell by over nine figures to €194.5m from €307.4m.
The construction company sold 1,139 units from their developments across the country in the first half of 2026, with 3,881 units pinned for “forward sales” until the end of 2028.
Cairn believes that it is “well positioned” to deliver around €110m in earnings before interest and taxes in the second half of the year, following the strong start.
Around 5,500 people are employed across Cairn active sites to deliver homes for our customers, according to the report.
