(Alliance News) - Cairn Homes PLC on Friday said it has begun a share buyback programme, looking to repurchase its shares for up to a total of EUR40 million.
The Dublin-based housebuilder said the scheme would begin immediately and may continue until the end of the calendar year, subject to market conditions, ongoing capital requirements and termination provisions.
It said the purpose of the buyback is to reduce the company's share capital, as it intends to cancel repurchased shares. The maximum number of shares to be repurchased is around 85.5 million.
Cairn Homes noted Goodbody and Numis will make their own trading decisions independently regarding their shares in the company.
On Thursday, Cairn Homes said momentum is gathering pace in 2023 as it reported near doubled pretax profit and a strong increase in revenue.
It posted 2022 pretax profit of EUR93.5 million, up 86% from EUR50.2 million in 2021, with revenue increasing 47% to EUR617.4 million from EUR424.0 million.
Basic earnings per share more than doubled to 11.5 cents from 5.8 cent, while a final dividend of 3.1 cents per share was declared, giving a full year payout of 6.1 cents.
Shares in Cairn Homes were up 3.3% to 90.00 pence each in London on Friday midday.
By Greg Rosenvinge, Alliance News reporter
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Cairn Homes (CRN)