StockMarketWire.com - Homebuilder Cairn Homes said it would launch a €25m share buyback programme and announced its maiden dividend after reporting that half-yearly profit more than doubled thanks to a sharp uptick in revenue as the company sold more homes at higher prices.

The share buyback programme would commence on 13 Sep.

For the six months ended 30 June 2019, pre-tax profit rose to €21.8m from €8.9m a year earlier and revenue increased 48% to €192.4m.

The company closed 390 sales in the half year at an average selling price of €449,0001, up from 293 closed sales at an ASP of €393,000. 'The higher ASP in H1 2019 is largely due to the sale of 120 units at Six Hanover Quay,' the company said.

Cairn said it would repurchase up to a maximum of €25m worth of its shares and also announced its maiden interim dividend.

The company proposed its first interim dividend of 2.5 cent per ordinary share.

For the full year, Cairn increased guidance marginally to about 1,100 closed sales at an ASP of about €370,000 to €380,000 and a gross margin of close to 19.5% . 'Non-core site disposals, if completed in H2 2019, would improve this expected margin and profitability for 2019,' the company said.


At 9:49am: [LON:CRN] Cairn Homes Plc share price was -0.06p at 1.1p



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