The Cairn Homes Plc Board has recommended a final dividend of 4.4 cent per ordinary share, which, combined with the interim dividend of 3.8 cent per ordinary share, results in a total dividend of 8.2 cent per ordinary share for the year (2023: 6.3 cent per share). The proposed final dividend of 4.4 cent per ordinary share will be paid on 16 May 2025 to ordinary shareholders on the Company's register at 5:00 p.m. on 25 April 2025, subject to shareholder approval at the Company's Annual General Meeting on 8 May 2025.
Key Financial Highlights :
- Generated revenues of €859.9 million, a 29% increase on 2023 (€666.8 million) from 2,241 units5 (2023: 1,741 units).
- Their average selling price (net of VAT) during the period was €383,000 (2023: €389,000)6. This competitive price point has been achieved by driving significant efficiency and innovation as they continue to deliver value for money for their customers.
- Gross profit of €187.0 million (2023: €147.6 million), resulting in a gross margin of 21.7% (2023: 22.1%).
- Operating costs of 4.3% of revenue (2023: 5.1%) as they continue to drive productivity in our scaled operating platform.
- Basic EPS increased by 41% to 17.9 cent (2023: 12.7 cent).
- Returned €115.3 million to shareholders through their share buyback programmes and their progressive dividend policy.
- DPS3 increased by 30% to 8.2 cent (2023: 6.3 cent), including proposed final dividend of 4.4 cent (subject to shareholder approval at their AGM on 8 May 2025) representing a payout ratio of approximately 46%.
- Generated €134.7 million in operating cash flow, a 26% increase on the €107.0 million generated in 2023.
- Invested €99.5 million (2023: €57.9 million) on strategic land acquisitions, underpinning our future growth.
- Net debt of €154.4 million (2023: €148.3 million).
- In February 2025, the Company successfully completed a refinancing of its sustainability linked syndicate facility with Allied Irish Banks plc, Bank of Ireland and Home Building Finance Ireland, increasing it by €75 million to €402.5 million and extending the duration to June 2029 with an option to extend a further year. The Company now has access to €460 million of facilities to support the continued growth into the medium term.
