More institutional buying surely combined with the share buyback this might finally start motoring and reflect the true value of the company. CEO highlighted last week that the land bank they own is worth more than the company at the current SP.
This day last year we had an RNS on the interim results announcement. We can't be too far away from the same and with revenue now coming in it should give insights on the money available to support the business going forward.
As in previous years and reflecting our continuing growth, revenue is weighted towards the second half of the year. For the full year, Cairn is increasing guidance marginally to c. 1,100 closed sales at an ASP of c. €370,000 - €380,000 and a gross margin of c. 19.5% based on our contracted forward sales. Non-core site disposals, if completed in H2 2019, would improve this expected margin and profitability for 2019.
What an impressive set of results... as expected a dividend and share buy back put in place. Hopefully this will start to get the SP moving...
The Board has proposed a first interim dividend of 2.5 cent per ordinary share. The interim dividend will be paid on 18 October 2019 to shareholders on the register on the record date of 20 September 2019. This is the commencement of a progressive biannual ordinary dividend.
· Cairn intends to enter into irrevocable, non-discretionary arrangements with Goodbody Stockbrokers UC to repurchase ordinary shares on our behalf up to a maximum consideration of €25 million in a share buyback programme commencing on 13 September 2019
Cadburyhill- let's just clarify the tie-up statement. It have a commercial deal and thankfully ETX hasn't gone blowing smoke up peoples backsides, instead it has got on with the commercial deal they signed 7 months ago and we'll see the associated revenue recognised in the interm results so calling this a tie-up is misleading.