Cairn Homes Issues H1 Trading Update; Reaffirms FY24 Guidance

(RTTNews) - Cairn Homes plc (CRN.L) issued a trading update for the six months ended 30 June 2024. The Group said its 894 closed units generated revenue of approximately 365 million euros, a 66% year-on-year increase in revenue. The Group said the increase in housing output and profitability that it has delivered in recent trading periods has continued in the year-to-date.

Cairn Homes reaffirmed its fiscal 2024 guidance of: approximately 2,200 units; operating profit of approximately 145 million euros; and ROE of 15%. The Group noted that it is poised to deliver an exceptional output and financial performance in 2024, and expects to deliver year-on-year growth of approximately 30%.

Michael Stanley, CEO, said: "Cairn experienced a very strong spring sales season for first time buyer homes, which has added to our order book of over 3,000 homes. We will grow our output by 30% this year and invest heavily in 10 new site commencements, including eight in the second half of 2024."

Cairn announced a 45 million euros share buyback programme. The new programme will commence on Wednesday.

The Board intends to announce a approximately 3.8 cent interim dividend per ordinary share at interim results on 4 September 2024.