Cairn reduces H1 pre-tax loss

Cairn Homes has turned in a first-half pre-tax loss of €701,000, which was a vast improvement from the €33.1m loss booked in the year-earlier same period.

The comparative period was dragged down by a €29.1m fair-value charge relating to founder shares. On a pre-exceptionals basis, Cairn's profit was €0.5m, from a loss of €1.0m.

"Having executed our successful site acquisition phase, Cairn continues to accelerate its home-building operations," said chief executive Michael Stanley.

"We have assembled a talented and experienced team to drive forward with our plans. We are currently building new homes on five sites, with a further five developments commencing within the next 12 months," he said in a statement.

"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."