Interim Management Statement

RNS Number : 2274G

Cairn Homes plc

19 November 2015

 

Press release                                                                                                           

Cairn Homes Plc

Interim Management Statement

Dublin/London, 19 November 2015: Cairn Homes Plc ("Cairn" or "the Group") (LSE:CRN), the Irish homebuilding company, today issued its Interim Management Statement for the period from 30 June 2015 to 19 November 2015.

The supply-demand imbalance in the housing market in Ireland has become more acute in the months since the Group's IPO. The government has made a number of announcements in recent weeks of policy changes to address the housing crisis in Ireland, including development levy rebates for housing schemes at affordable pricing levels in Dublin (below €300,000) and Cork (below €250,000), changes to apartment building regulations and further improvements to the planning regime in the Government designated strategic development zones.  These changes follow the announcement earlier this year of a 50% reduction in Part V requirements.

Strong progress continues to be made at the Group's c.50 acre site in Parkside, Malahide Road, Dublin 13.  The Group is now sale agreed on 40 houses, with an average sales price of c. €342,000, with 4 bedroom houses proving particularly attractive.  The site now has 56 houses at or near completion, with a further 50 houses at varying stages of completion and 90% of the civils works across the entire first phase are now complete.   Good progress also continues to be made at the Group's site in Albany, South Dublin, with the Group on target for a full scheme sales launch toward the end of Q1 2016, with projected scheme net revenues of c. €17 million.

Given the current strength of its site acquisition pipeline, the Group remains confident of its ability to efficiently deploy the IPO proceeds over the coming two quarters. 

The Group continues to scale its operations and expects to commence building on a further c. 5 housing development schemes during 2016.  The Group is confident of achieving its initial target of c. 1,000 unit sales by 2019.

For more information please contact:      

Cairn Homes plc                                                                                              [phone]

Michael Stanley

Eamonn O'Kennedy

Hume Brophy                                                                                                   [phone]

Maria Cryan

Edel Bach  

Notes to Editors

Cairn Homes plc is an Irish homebuilder with a highly experienced management team. The Group is committed to constructing high quality new homes with an emphasis on design, innovation and customer service. The Group expects to acquire greenfield or brownfield sites in Ireland that are suitable for residential development, with an emphasis on Dublin and the Dublin commuter belt, as well as in Cork and Galway and other major urban centres, as appropriate. www.cairnhomes.com     

 

END

 

 

IMSFFWEEAFISEEF