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Homebuilder Cairn Homes announced a €75 million share buyback programme after upgrading its profit guidance for 2022 following better-than-expected profit and new home sales in 2021.
For 2022, the company upgraded its forecast for operating profit to a range of €95 to €100 million, up from the previously guided €85 million.
Operating cashflow guidance was lifted to €265 million compared with the previously guided €165 million for 2021 and 2022 combined.
The upbeat guidance following better-than-expected 2021 performance, with operating profit of €58 million and an operating margin of about 13.7%, over 10% ahead of previous guidance.
The company sold 1,120 new homes, up from 743, generating total core revenue of about €419 million, up from €246.9 million.
The share buyback programme would commence on 13 January 2022.
Cairn got the new year underway with a current sales pipeline of 1,018 new homes with a net sales value of €395 million.
Full year results were expected to be announced on 3 March 2022.