Cairn Homes (CRN) H2 2024 earnings summary

Executive summary

• Achieved record revenue of €860 million from 2,241 units in 2024, a 29% year-over-year increase, with strong momentum into 2025.

• Operating profit reached €150 million, up 32% year-over-year, and profit after tax grew 34% to €114.6 million.

• Maintained a robust order book of nearly €1 billion, covering almost 2,600 new homes, and commenced over 4,100 new homes across 21 active sites.

• Returned over €115 million to shareholders in 2024, with more than €335 million returned since 2021, and announced a 4.4% ordinary dividend (46% payout ratio).

• Strong focus on sustainability, with recognition in TIME Magazine's World's Best Companies in Sustainable Growth 2025, Green Transformation Award, and ongoing environmental initiatives.

Financial highlights

• Revenue grew 29% year-over-year to €860 million; units delivered increased to 2,241.

• Gross margin was 21.7%, slightly down due to product mix and increased affordable state home delivery.

• Operating margin improved to 17.4%; OpEx was 4.3% of revenue, down from 5.1% the prior year.

• Earnings per share rose 41% to 17.9 cents; net asset value per share at 122 cents.

• Closing net debt was €154.4 million, with available liquidity of €230 million.

Outlook and guidance

• 2025 guidance: revenue to exceed €946 million (10% growth), operating profit of ~€160 million, and ROE of ~15.5%.

• Eleven private sale launches planned for H1 2025 to further grow the pipeline.

• Continued growth in volumes, revenue, and profitability expected, supported by strong market demand and a resilient balance sheet.