Cairn Homes to return €35m to its shareholders

By Maurice Garvey

One of Ireland's largest housebuilders, Cairn Homes, is to return an additional €35m to shareholders through a share buyback, as its expected operating profit for 2019 jumped.

The company have built significant housing developments in places like Lucan and the Edenbrook estate in Citywest.

Houses at Shackleton Park Lucan sold by Cairn Homes compressor

Cairn Homes have built houses in Lucan and Citywest. Pictured are houses at Shackleton Park Lucan sold by Cairn Homes

Recently, they sold 229 homes in the new Lucan developments Shakleton Park and Gandon Park for €78m to Carysfort Capital, and funded by Angelo Gordon, which works out at an average of €344,000 per unit.

Cairn Homes have sold more than 500 of 1,100 new homes in Lucan, their largest development to date, located circa 1km from Adamstown Train Station.

They currently have planning permission to build 380 homes in Newcastle and will have a part to play in the construction of new homes within the Clonburris Strategic Development Zone (SDZ).

Cairn anticipates operating profits of €68m in respect of last year, up 28 per cent

Expected revenue is up 29 per cent on 2018 to €434m, according to a trading update from the group.

The performance was driven by a 34 per cent increase in the sales of homes, with Cairn selling 1,080 units during 2019.

The full-year gross margin is expected to be approximately 19.6 per cent.

Despite the strong performance, the company’s income is 4 per cent lower than analysts’ expectations.

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