Cairn Homes revenue soars on high-quality sales strategy
Cairn Homes has reported revenue of €149.5m for 2017, an increase on the €40.9m recorded in 2016, according to preliminary results.
The rise was boosted by sales last year of 418 residential units, which generated approximately €131m in revenue.
In 2016 the stock exchange-listed builder sold 105 residential units.
Operating profit at the company, which recently commenced work on a new apartment development at Greenfield Park in Donnybrook, Dublin, was €15m, up from €3.6m in 2016, which the company said reflected "excellent underlying performance and progress in delivering Cairn's strategic objectives and maturing of the business".
"Last year we focused on delivering new homes of high quality and we are very pleased with the progress made on new site commencements, units constructed and new homes sold, all of which exceeded our expectations," said Cairn CEO Michael Stanley.
Cairn said it is active on 11 developments, which it said will deliver in excess of 3,650 new homes.
The company anticipates starting work on three further sites in 2018.
Net debt at the company is €159.4m, up from €76m in 2016, while the company has cash of €85.8m.
Shares were up 4.7pc yesterday at €1.78 each.