Cairn Homes PLC - Dublin-based property developer - Steps up shareholder returns as profit multiplies in 2021. Reports EUR50.2 million pretax profit, up from EUR14.8 million in 2020, as revenue surges 62% to EUR424.0 million from EUR261.9 million. Declares 2.8 euro cent final dividend for a 5.5 cent full-year payout, versus none in 2020. Has completed EUR23.1 million of the EUR75 million share buyback announced back in January. Also plans a minimum return of EUR40 million in dividend payments in 2022, the same as in 2021.
Cairn closed 1,120 new home sales in 2021, up from 743 in 2020. For 2022, it has a forward sales pipeline of 1,218 home with a net sales value of EUR462 million. Revenue is expected to be in excess of EUR600 million from 1,500 closed home sales. Says build cost inflation was EUR15,000 per home in 2021 and is expected to be EUR10,000 per home in 2022. This is incorporated into core housebuilding gross margin guidance of 21.5%.
"We sold our 5,000th home during 2021 in our seventh year in business, and we expect to build at least the same number again in the coming three years," says Chief Executive Officer Michael Stanley.
Current stock price: 103.60 pence, down 2.1% on Thursday
12-month change: up 30%
By Tom Waite; thomaslwaite@alliancenews.com
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Cairn Homes (CRN)