Cairn Homes PLC - Dublin-based property developer - Says forward sales pipeline stands at over 1,600 new homes with net sales value over EUR600 million. Expects build cost inflation around 6% for 2022, which it will try and mitigate. Confirms annual guidance for revenue of EUR600 million from 2,500 closed new homes sales, around 1,300 of which are already closed or sale agreed. Cairn guides a core housebuilding gross margin of 22%, and an operating profit of EUR100 million at a 17% operating margin. Says shareholder returns for the year will amount to minimum of EUR115 million via dividends and share buybacks.
Current stock price: 87.80 pence
12-month change: up 0.2%
By Elizabeth Winter; elizabethwinter@alliancenews.com
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Cairn Homes (CRN)