Home builder Cairn Homes has reported double digit profit and revenue growth as the group benefitted from Ireland’s booming property market.
The builder’s operating profit ballooned 32 per cent to €150m (£124m) in 2024 up from €113.4m (£94m) in 2023.
Revenue was up 29 per cent at €859.9m (£711m), whilst operating costs reduced to 4.3 per cent of revenue, compared to 5.1 per cent in 2023.
Basic earnings per share increased to 17.9 cents – a 41 per cent jump from 12.7 the year prior.
Cairn said it had “significantly invested” in construction activities, with 4,100 new home commencements, which included 10 new large scale developments. Due to this, the builder said it would “significantly increase” its construction work-in-progress spend in 2025.
Revenue expected to grow in 2025
Looking to the future, the company said it expected revenue growth of 10 per cent in 2025 and operating profit around the €160m (£132m) mark.
Commenting on the results, chief executive Michael Stanley said: “We took a material step, right across our business, in operational performance and volume delivery in 2024.
“We also made significant progress in our financial performance based on a foundation of continuous and substantial investment in the delivery of new homes for private buyers and for the State.
“We will continue to be relentless in driving efficiencies through scale, innovation, digital and sustainable construction to deliver new homes at pace, scale and value for money.”
Stanley said the new Government had “put new home delivery front and centre” and hoped for further developments.
He added: “While policy makers give due consideration to the strategic challenges surrounding housing delivery in the medium term, there are numerous quick wins that can deliver substantially more homes in the short term.
“This is the time for the Government to be brave and I have confidence that we and the broader industry will respond in kind”.