Irish homebuilder Cairn Homes Plc (CRN.L) Friday said the demand backdrop for its well located, energy efficient new homes remains exceptionally high across all tenure types.
Going ahead, the company continues to expect fiscal 2024 operating profit of around 145 million euros, and closed sales units and equivalent units of around 2,200 units.
In its trading update on current trading for fiscal 2024, ahead of Annual General Meeting today, Cairn Homes said that in core first time buyer market, State supports for customers, a more favourable mortgage market and the limited supply of competitively priced starter homes are driving the positive momentum in its business.
The Company continues to grow longer-term sales pipeline reflecting the increase in active large apartment projects. Current total closed and forward orderbook now stands at over 2,750 new homes and a net sales value in excess of 1.05 billion euros, compared to 2,473 closed and forward sales with a net sales value of 946 million euros as of February 29. Over 1,000 of these units will be delivered in 2025 and beyond.
Cairn plans to release its first-half trading update in early July 2024 in advance of 2024 interim results on September 4.
Michael Stanley, CEO, said, "We are pleased that our housing output will grow by nearly 30 percent this year and our forward order book of in excess of €1 billion is a testament to the exceptional demand for our homes."
In London, Cairn Homes shares were trading at 143.87 pence, up 2.04 percent.
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