The London-listed building company have capitalised on the property boom in the Irish capital.
Companies: Cairn Homes Plc
Cairn Homes (LON: CRN) have been busy in 2017 with the Irish homebuilding Group benefitting from Dublin's healthy housing market.
The Group saw Revenues almost quadruple to c. €149m, boosted by rising house prices in the Irish capital - the average selling price of CRN properties was €314,000 in 2017 compared to €295,000 the previous year.
The rise in top-line Revenues means Management estimates full-year EBITDA to be c. €15m, up almost 300% from 2016.
2017 saw sales from seven developments complete while three further developments continue. Two of these will see sales revenues in 2018.
It seems the Irish housing market has well and truly recovered from its dark days following the GFC, with Management commenting:
"Market conditions remain positive with continued strong demand for new starter homes, trade-up/mover new homes and premium apartments witnessed in the Autumn 2017 selling season. The Company believes that the supply of new residential homes in the Irish market will continue to significantly undershoot demand in 2018 and 2019."
Michael Stanley, Chief Executive Officer of Cairn commented:
"Our practice of acquiring and building on larger scale developments, on average in excess of 400 units, allowed us to respond quickly to increased demand during 2017. Given the quality and historical cost of our land bank, our dual focus on competitively priced houses and premium apartments and our increasing operational capability, we continue to look forward with confidence."
The company said it had already secured €134m worth of forward sales for 2018, with an even higher average selling price of €386,000.
It expects to report its full-year results on the 6th of March 2018.