COVID-19 Residential Site Closures

RNS Number : 0336I

Cairn Homes plc

30 March 2020

 

Cairn Homes plc

COVID-19 Residential Site Closures

Dublin / London, 30 March 2020: Cairn Homes Plc ("Cairn", "the Company" or "the Group"), the leading Irish homebuilding company, today provides a further update following the announcement of additional restrictions by the Irish Government to deal with the COVID-19 pandemic on 27 March 2020.

The Company is closing all of its residential construction sites for the next two weeks, until 12 April 2020, in line with Irish Government guidelines. In doing so, the Company has acted immediately to implement the necessary health and safety measures required when closing a site for an extended period to ensure sites are secured and remain safe for residents living in completed phases or those in the neighbouring area.

As outlined in our announcement on 25 March 2020, Cairn has a strong balance sheet with total equity of €763.7 million as at 31 December 2019 underpinned by €897.3 million in inventories. The Company had net debt of €91.2 million as at 31 December 2019, comprising of drawn debt of €148.0 million, available cash of €56.8 million and in recent weeks the Company has drawn down the available €194.0 million of its €200.0 million revolving credit facility.

The health and safety of our employees, subcontractors, customers and the general public is of the utmost importance. The Company will continue to follow Government and Department of Health guidelines relating to COVID-19 and will provide any updates which impact the Company as appropriate.

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For further information, contact:

Cairn Homes plc  [phone]

Michael Stanley, Co-Founder and CEO

Ian Cahill, Head of Finance

Declan Murray, Head of Investor Relations

Drury Communications  [phone]

Billy Murphy

Louise Walsh 

Finsbury  [phone]

Gordon Simpson

Charles O'Brien

Notes to Editors 

Cairn is the leading Irish homebuilder committed to building high-quality, competitively priced, sustainable new homes in great locations. At Cairn, the homeowner is at the very centre of the design process and we strive to provide an unparalleled customer service throughout each stage of the home-buying journey. A new Cairn home is thoughtfully designed and built to last with a focus on creating shared spaces and environments where communities prosper. Cairn owns a c. 17,000 unit land bank across 35 residential development sites, over 90% of which are located in the Greater Dublin Area ("GDA") with excellent public transport and infrastructure links. Cairn is today building on 16 sites in the GDA, which will deliver over 6,750 new homes.

 

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