Half Year 2024 Cairn Homes PLC Earnings Call Transcript
Key Points
- Cairn Homes PLC (STU:C5H) reported a 67% year-on-year growth in closed units, delivering 894 units in H1 2024.
- The company maintained a gross margin of 22% and an operating margin of 16.8%, showcasing strong profitability.
- Cairn Homes PLC (STU:C5H) has a robust forward order book valued at over EUR1.3 billion, comprising 3,450 new homes.
- The company announced a EUR0.038 ordinary dividend, marking its fourth consecutive interim dividend.
- Cairn Homes PLC (STU:C5H) has a landbank that will deliver over 7,000 homes, ensuring long-term growth potential.
- The company faces potential risks from build cost inflation, although currently stable at around 2%.
- Finance costs increased to EUR6.8 million from EUR5.4 million in H1 2023, reflecting higher working capital investment.
- The average selling price for homes increased to EUR388,000, which may impact affordability for some buyers.
- The company has significant net debt of EUR157 million, although it has improved from the previous year.
- Cairn Homes PLC (STU:C5H) is heavily reliant on government policies and initiatives to support its growth in the affordable housing sector.
Good morning, ladies and gentlemen. Welcome to the Cairn Homes 2024 interim results analyst and investor call, which will be hosted by Michael Stanley, Chief Executive Officer, and Richard Bull, Chief Financial Officer. Afterwards, there will be a moderated Q&A session where we welcome questions from anybody on the line.
I will now hand you over to Cairn's CEO, Michael Stanley.
Good morning, everybody, and thank you for joining us as we bring it through our 2024 interim results. I'm joined this morning by our new CFO, Richard Bull, I'd like to welcome him to his first results presentation. And we are also joined by Steve Kane, our Director of Corporate Finance and Investor Relations, and Tara Grimley, Co Sec and Director of Sustainability. The success of our strategy is most clearly demonstrated by the momentum in our business, and we have been consistent in delivering on our commitments.
Ours is a differentiated strategy that is clearly working, delivering
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