Revenue at Irish homebuilder Cairn Homes increased to €16m in the first half of the year after the company concluded its site acquisition phase.
The firm also reported strong progress on the Ulster Bank Project Clear portfolio. Cairn said it had realised €32m in proceeds from settlements and asset sales with nine sites (€126.1m) transferred into direct ownership.
The homebuilder’s core-landbank portfolio is now made up of 27 separate sites on which it will develop 11,500 units, 90pc of those are located in Dublin and the Dublin commuter belt.
The company generated gross profits of €2.6m with a profit margin of 16.5pc.
During the period Cairn snapped up sites in Hanover Quay, Cherrywood, and Maynooth, as well as acquiring Argentum.
Chief executive Michael Stanley said the firm has assembled a talented team to push forward with its plans.
“We are currently building new homes on five sites, with a further five developments commencing within the next 12 months. By mid 2017, we will support over 1,000 construction jobs, including apprentices, leveraging the substantial economies that that we will benefit from as a home-builder of significant scale,” he said.
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