The homebuilder said growth was driven by increased residential sales, and that it expected demand to continue in 2018.
- Irish homebuilder Cairn Homes reported a 250% increase in revenue for 2017 compared to 2016.
- The boom was driven by increased sales in residential homes, both in number and in the average price of each home.
- The company expects demand to remain strong in 2018.
LONDON — Irish homebuilder Cairn Homes reported a 250% increase in revenue in its end of year results on Friday.
Revenues for 2017 soared to €149 million, up from €40.9 million in 2016, according to a trading update published ahead of the firm's full year results, which are expected in March. The firm's estimated full year EBITDA was also €14.5 million, up from €3.8 million in 2016.
The boom was driven by €131 million in residential revenue from 418 sales in the Dublin area, up from 105 sales in 2016. The average cost of properties sold by the firm over the year also increased, from €295,000 in 2016 to €314,000, (excluding VAT) in 2017.
"Achieving 418 home sales is a very strong outcome in our second full trading year," said Michael Stanley, CEO of Cairn Homes.
"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," he said.
Cairn Homes said it had a strong sales pipeline for the first half of 2018, worth €134 million across 348 homes — an average of €386,000, excluding VAT.
The firm said market conditions remained positive, and it expected the supply of new residential homes in the Irish market to continue to significantly undershoot demand in 2018 and 2019. Given this, a strengthening mortgage market and a growing economy, "we continue to look forward with confidence," said Stanley.