Shares in homebuilder Cairn Homes jumped today after it reported record revenues and profits for the six months to the end of June and said it is well positioned for strong cash generation and profitable growth for the rest of 2026 and into 2027.
Cairn Home said its half year revenues jumped by 60% to €455.5m from €284.5m the same time last year, while operating profits soared by 75% to €74.8m from €42.7m.
The company’s half year pre-tax profits rose to €67.3m from €37m, while its basic earnings per share surged by 82% to 9.3 cent from 5.1 cent for the first six months of 2025.
Cairn said it saw an average selling price (net of VAT) of €393,000 for the six month period, up from €387,000 last year. It said it continues to prioritise affordability through efficient scaling and strategic innovation.
It sold a total of 1,139 units in the first six months of the year, up from 708 units the same time last year.
It noted that sales in its core First Time Buyer market significantly increased in the period, which it said reflected the medium term evolution of its sales mix in growing its low-density housing platform.
Cairn had eight new private launches in the first half of the year, driving a private weekly sales rate of 3.7 across 17 selling developments.
It said it is operating across 30 sites and said it has a multi-year closed and forward order book of 5,020 homes, which it said underpinned its full-year guidance and provided clear visibility on further growth into 2027.
Reflecting this confidence, Cairn today announced a new €50m share buyback programme and also said it had increased its interim dividend by 10% to 4.5 cent per share.
The company said that about 6,000 new homes are expected to be delivered between this year and next after the delivery of over 12,000 new homes in its first decade of existence.
Michael Stanley, Cairn’s CEO, said the company’s focused investment in growth has now delivered a step change in output with a 60% increase in new homes delivery compared to the first half of last year, while also generating an exceptionally strong financial performance and return on investment.
“Cairn will continue to make a major contribution to Ireland’s housing needs. Today our sales and forward order book stands at over 5,000 new homes across 30 active developments nationwide,” the CEO said.
“Despite an inflationary environment, our average selling price – €393,000 excluding VAT – has increased by only 1.6% compared to the same period last year. This is a clear endorsement of our scaled and efficient platform,” he said.
The Cairn CEO said the collaboration between public and private sector across all aspects of the scaled home delivery model is showing system-wide results, making a real difference to those securing new homes, at affordable prices.
“A sustained application of these policies will be required to maintain the momentum, particularly in respect of the delivery of well-located homes for families and young working people crucial to Ireland’s sustained economic growth,” he said.
“Apartments across all tenures in our cities will play an increasingly important role in meeting future housing needs. This is better supported by the successful introduction of the Croí Cónaithe Cities Scheme, targeted at increasing owner-occupation,” he noted.
“Exceptionally strong demand is evident and this recent initiative has already enabled us to provide competitively priced apartments, targeted at these new owner occupiers across five new developments nationwide,” he added.
Shares in the company moved higher in Dublin trade today.