Thursday 18 January 2018

Cairn Homes reports net loss after revenues of €3.7m in IPO year

Cairn Homes launched its first residential development at Parkside, Malahide Road, Dublin
Cairn Homes launched its first residential development at Parkside, Malahide Road, Dublin
Michael Cogley

Michael Cogley

Cairn Homes, the Irish homebuilder, posted a loss before tax €37.5m in the same year it rose over €440m following the firm's initial public offering (IPO).

Cairn filed its annual results for 2015 this morning and posted revenue for the year of €3.7m.

2015 proved to be a busy year for the firm, which raised over €642m in capital and completed the acquisition of the Project Clear portfolio.

The firm's profits were hit by exceptional charges of €2.9m related to the acquisition of Cairn Homes Holdings Limited and a further €29.1m non-cash fair value once-off accounting charge relating to the Founder Share scheme.

Cairn chief executive, Michael Stanley, said the company now has a very well located landbank.

"Following the successful acquisition of the Project Clear loan portfolio and the nine other individual sites acquisitions since our IPO, the company now has access to an exceptionally well located and well-priced core land bank of in excess of 11,000 units.  We are currently building in Parkside, North Dublin and Killiney, South Dublin. 

"We will commence construction on 5 further schemes within the next twelve months and look forward to making a meaningful contribution to the much needed supply of quality new homes in Ireland over the coming years," Mr Stanley said.

After the launch of the company's first site at Parkside in September, 52 houses are now sale agreed, with Cairn reporting positive feedback from customers.

Cairn expects construction to begin at its Rathgar site in South Dublin in the second quarter of this year.

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