Cairn Homes Trading Update

RNS Number : 3797P

Cairn Homes plc

17 November 2016

 

Press release                                                                                                           

Cairn Homes Plc

                                                                       Trading Update                                                               

Dublin/London, 17 November 2016: Cairn Homes Plc ("Cairn" or "the Company") (LSE:CRN), the Irish homebuilding company, today issues a trading update for the period from 01 July 2016 to 16 November 2016.

The Company continues to make good progress in developing its substantial, high quality land-bank. The core land-bank portfolio now consists of 29 separate sites, on which the Company will develop in excess of 12,000 units, with over 90% of those units located in the greater Dublin area, which is experiencing strong demand and has excellent long-term growth drivers.

This progress is exemplified by a high level of pre-launch, "off-plan" interest for the Company's development at Marianella, in the prime South Dublin location of Rathgar. The Company's original intention was to launch sales in March 2017 on completion of the first units. However, "off-plan" sales have now been agreed with deposits taken on 40 of the planned 234 units, with a total sales value of c. €27.2 million.

In addition, Cairn confirms that it remains on track to achieve its 2016 target of completing in excess of 100 house sales across its active sites and reiterates its confidence in achieving its medium term objective of delivering 1,200 units a year by 2019.

The Company believes that the help to buy scheme recently introduced by the Irish Government will further underpin its planned growth over the coming years.

Michael Stanley, CEO of Cairn Plc said: "Cairn occupies a strong position in a rapidly improving Irish housing market. We have a superb land bank in an area supported by highly attractive housing demand fundamentals, coupled with strong macroeconomic trends in Ireland.

"We continue to accelerate our home-building operations in accordance with our IPO plans and have a talented team to deliver on our growth targets. We are currently building on sites which will deliver 1,150 units and by the end of 2017 our active sites will have the potential to deliver over 3,600 units. The high level of pre-launch demand for our Marianella, Rathgar project is a clear endorsement of our strategy with off plan sales achieved of €27.2 million."

For more information, please contact:     

Cairn Homes plc                                                                                              [phone]

Michael Stanley

Eamonn O'Kennedy

Powerscourt                                                                                                    [phone]

Justin Griffiths

Jack Hickey

Drury Communications                                                                                    [phone]

Billy Murphy

Morwenna Rice                                                                                    

Notes to Editors

Cairn Homes plc is an Irish homebuilder with a highly experienced management team and a core land-bank portfolio which consists of 29 separate sites, on which the Company will develop in excess of 12,000 units, with over 90% of the sites located in Dublin and the greater Dublin area. The Company is committed to constructing high quality new homes with an emphasis on design and innovation. www.cairnhomes.com     

 

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