Cairn Homes on track to build 1,000 houses by 2019
Cairn Homes expects to have sold 1,000 homes by the end of this decade, as it seeks to take advantage of the housing shortage in Dublin and elsewhere.
In an interim managament statement covering its business since the end of June, the housebuilder said it was on track to start work at five more housing schemes by the middle of next year, while it has already sold 40 of the 56 houses it has completed at its "Parkside" development on the Malahide Road in Dublin.
While the Government has announced numerous measures to encourage new housing construction, the company said the "supply-demand imbalance in the housing market in Ireland has become more acute in the months since the group's IPO".
Cairn listed on the London Stock Exchange in June.
The shares began trading at €1.05. They are now changing hands at €1.10.
Davy Stockbrokers' Alan Sheridan, who has an "outperform" rating on the shares - the equivalent of a "buy" - said the firm was off to a "good start".
"Cairn has made a good start to trading on the Parkside site in the last couple of months."