Cairn Homes co-founder Alan McIntosh has quit his executive role as the homebuilder revealed surging first-half profit for the first half of the year.
Gross profit for the 6 months to 30 June rose to €26.1m (£23.5m) from €7.7m for the same period last year as its number of home sales jumped to 293 from 94. There was also a sevenfold growth in operating profit to €18.1m.
Revenue increased to €130.2m in the first half from €41.2m. Cairn added it will start to pay dividends to shareholders from 2019 profits.
Michael Stanley, chief executive of Cairn, said: “We are experiencing levels of demand for our quality new homes exceeding our expectations.
”Our business has matured and in 2018 we expect to generate revenues of €350m in only our third full year of operations. This is a remarkable achievement by our talented team. Today we are increasing our medium-term target to circa 1,400 to 1,500 units annually from 2021.”
Commenting on McIntosh’s decision to leave his executive role, Stanley added: “I would like to record my sincere appreciation and gratitude for Alan’s entrepreneurial vision and immense contribution to the creation and subsequent development of Cairn. Alan will remain on the Board as a non-executive director to continue to contribute to the development of our Company over the coming years and to provide valuable support to the Board and the executive team.”
The company had previously forecast that it would sell between 1,300 and 1,400 homes annually from 2020.
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