The Cairn Homes Board has recommended an interim dividend for the period of 4.1 cent per ordinary share, which will be paid on 15 October 2025 to ordinary shareholders on the Company’s register at 5.00 p.m. on 19 September2025.
Other financial highlights include:
Generated revenues of €284.5 million, including €274.0 million residential property sales revenue from 708 units (H1 2024: €347.1 million, 893 units).
Gross profit of €63.1 million (H1 2024: €80.4 million), resulting in a margin of 22.2% (H1 2024: 22.0%), illustrating scaled operational efficiencies through our supply chain relationships, procurement strategy and execution of their innovation agenda.
Operating profit of €42.7 million (H1 2024: €61.4 million), resulting in an operating margin of 15.0% (H1 2024: 16.8%) reflecting the Company’s historically H2 weighted trading, transaction timing and mix compared to H1 2024.
WIP of €435.0 million (30 June 2024: €318.6 million), following WIP investment of €381.5 million (H1 2024: €225.6 million) in the period. The Company nearly doubled its commencements in 2024 (to over 4,000 units) driving increased WIP spend in H1 2025 and illustrating clearly the Company’s increased operational scale.
Net cash of €118.6 million used in operating activities and net debt of €307.4 million (30 June 2024: €157.0 million), reflecting the scale of their net H1 WIP investment and increased construction activity. Net debt is expected to unwind in H2.
Successfully completed a refinancing of our sustainability linked syndicate facility in February 2025, increasing it by €75 million to €402.5 million. In July, the Company further refinanced part of its US Private Placement debt, increasing this facility by €40 million to €97.5 million. The Company now has access to €500 million of committed debt facilities.
Redesignation of their €402.5 million Sustainability Linked Loans to Green Loans, reflecting our alignment with globally recognised best practices in sustainable finance.
