- Irish homebuilding company Cairn Homes said the pace of recovery in its business was ahead of expectations following the easing of lockdown restrictions.

The update came as the company reported a fall in first-half revenue as lockdown restrictions halted construction activity and hurt sales.

For the six months ended 30 June 2020, revenue more than halved to €80.6m from €192.4m on-year as the company closed 207 new home sales, down from 390 closed new home sales.

Starter home average selling price rose to €322K from €321K.

'While formal guidance for 2020 remains withdrawn at this point given the uncertainty into the second half of the year, the business has recovered well and is ahead of our expectations at the time of our last update on 14 May 2020 in terms of selling activity and operational performance,' the company said.

At 9:08am: [LON:CRN] Cairn Homes Plc share price was +0.04p at 0.87p

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