Cairn Homes Plc, IE00BWY4ZF18

Cairn Homes Plc: 2025 Preliminary Results

04.03.2026 - 08:00:27 | dgap.de

Cairn Homes Plc / IE00BWY4ZF18

Cairn Homes Plc (CRN)


04-March-2026 / 07:00 GMT/BST


This announcement contains inside information within the meaning of the EU Market Abuse Regulation 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.       Entering our Second Decade, Cairn will Increase Housing Output by 35%   Dublin / London, 4 March 2026: Cairn Homes plc (‘Cairn’, the ‘Company’ or the ‘Group’) (Euronext Dublin: C5H / LSE: CRN) today announces its preliminary results for the year ended 31 December 2025.    
  2025 2024   Movement
Revenue €944.6m €859.9m   +10%
Gross margin1 22.1% 21.7%   +40bps
Operating profit €168.6m €150.0m   +12%
Operating margin 17.8% 17.4%   +40bps
Basic earnings per share (EPS)2 21.3c 17.9c   +19%
Dividend per share (DPS)3 10.0c 8.2c   +22%
Total equity €836.7m €758.2m   +€78.5m
ROE4 16.6% 15.1%   +150bps
Net debt5 €171.3m €154.4m   +€16.9m
         
 
Sales Highlights6 As at 3 March 2026 As at 26 February 2025   Movement
 
Closed & forward order book (units) 3,452 2,593   +33%
Closed & forward order book (value net of VAT) €1.32bn €989m   +33%
Closed & forward average selling price (net of VAT) €382k €382k   -
  Financial Highlights Generated revenues of €944.6 million, a 10% increase on 2024 (€859.9 million) from 2,365 units7 (2024: 2,241 units7). Average selling price (net of VAT) of €392,000 (2024: €383,000), with the slight increase primarily driven by a change in product mix. Build cost inflation (BCI) of c.1%, compared to an industry average c.2% (source: CSO), evidencing clearly the impact of our procurement strategies, efficiencies from large multi-site tender awards and productivity across scaled sites. Operating margin of 17.8% with operating costs being 4.25% of revenue (2024: 4.30%), highlighting the impact of our lean construction platform. Profit after tax of €132.7 million (2024: €114.6 million), after finance costs of €16.7 million (2024: €15.1 million). Invested €102.6 million (2024: €99.5 million) on scaled development sites and contracted an additional €77.1 million in land acquisitions on deferred payment terms. Generated €70.6 million in operating cashflow (2024: €134.7 million), as the Company significantly increased its construction work-in-progress (WIP) investment to €800.8 million (2024: €484.3 million) and construction activities (average active sites 2025: 25, 2024: 21). Net debt of €171.3 million (30 June 2025: €307.4 million, 31 December 2024: €154.4 million), following significant cash generation in H2 2025 of €189.3 million, with available liquidity of €327.1 million at year end (2024: €229.6 million). DPS increased by 22% to 10.0 cent (2024: 8.2 cent), including a proposed final dividend of 5.9 cent (subject to shareholder approval at our AGM on 30 April 2026).   Operational Highlights Significant growth in our closed and forward order book of 3,452 new homes with a net sales value of over €1.32 billion (€989 million and 2,593 new homes as at 26 February 2025) giving clear visibility on our future pipeline and underpinning guidance. Exceptional levels of demand, most notably from first time buyers (FTBs), evidenced by a private weekly sales rate per active selling site of 4.2 new homes across existing sites and 11 new scheme launches in the year. Active on sites that will deliver over 4,000 apartments in the medium term with our third Croí Cónaithe approved apartment scheme launch scheduled for H1 2026 which will deliver over 330 apartments for private buyers. Cairn is now active on six forward fund projects which will deliver c.2,000 new apartments to the Land Development Agency (LDA) and our Approved Housing Body (AHB) partners. Obtained 11 new grants of planning comprising over 3,650 new homes (2024: seven new grants of planning permission comprising nearly 1,300 new homes). Developed a pipeline of land which will deliver up to 6,000 new homes, driving our medium-term growth in a capital efficient manner. Continued to support the future of the construction industry with over 270 apprentices now registered on the Cairn Apprenticeship Programme, a talent pipeline identified in the Government’s ‘Delivering Homes, Building Communities’ strategy as critical to achieving its housing targets. Construction at our flagship Seven Mills development continued at pace with over 3,000 new homes completed and under construction since starting on site in January 2023. In 2025, we delivered nearly 700 homes in this new Dublin suburb.  Strengthened our operational capacity in expanding our team to over 600 employees. Supported by increased supply chain capacity and long-standing subcontractor partnerships, the Company’s scaled operating platform is now well-invested to support significant operational growth.    Outlook and Guidance With exceptionally strong demand reflected in a record order book and a supportive policy and macro backdrop, Cairn continues to benefit from a fundamentally robust housing market characterised by structural undersupply. These conditions, combined with our disciplined capital allocation strategy and substantial investment in operational scaling, have created a platform for consistent volume growth and strong financial performance. As a result, the Group is now firmly positioned to achieve output of c.6,000 new homes between this year and next, including c.3,200 homes in 2027, resulting in a 35% increase in our output over this two-year period.    Cairn is upgrading guidance for FY26 as follows:   Revenue of c.€1.05 – €1.08 billion (previously c.€1.02 – €1.05 billion); Operating profit of c.€180 – €185 million (previously c.€175 – €180 million); and ROE4 of c.16.5%.   Commenting on the results, Michael Stanley, CEO, said: “Cairn is now in its second decade in business. We are proud of the significant contribution we have made to housing in Ireland since we closed our first sale in December 2015, with over 12,000 new homes sold and 35,000 residents living in a Cairn built community. Our commitment to growth is stronger than ever and we will accelerate our output to close to 18,000 new homes delivered by the end of 2027. Today we are upgrading our guidance for 2026 and projecting sales of c.3,200 new homes in 2027, a 35% increase over this two-year period.   The affordability of new homes remains the most significant challenge in Ireland today, and indeed across Europe. Cairn will continue to be relentless in managing our cost base to ensure our homes are competitively priced, particularly for our first time buyers and the social and affordable apartments we are delivering at pace and scale for our state funded partners. Over the last five years the average selling price of a Cairn home has increased by 5%, compared with the broader market which has seen house price inflation of 29% for new homes in the same period. We will continue to use embedded innovation, new building methods and our scale to manage our delivery costs and increase our addressable market.”   For further information, contact:   Cairn Homes plc          +353 1 696 4600 Michael Stanley, Chief Executive Officer Richard Ball, Chief Financial Officer Ailbhe Molloy, Head of Investor Relations   Drury Communications         +353 1 260 5000 Billy Murphy Conor Mulligan     An audio webcast and conference call will be hosted by Michael Stanley, CEO, and Richard Ball, CFO, today 4 March 2026 at 8.00am (GMT). To join please use the links below, or access via our website (https://www.cairnhomes.com/investors/). Please ensure to register at least 15 minutes in advance of 8.00am.   Audio Webcast: https://edge.media-server.com/mmc/p/up7opxh2   Conference Call: https://register-conf.media-server.com/register/BI10bdc128cd7f474c8edcccc4f4cb238e     Notes to Editors Cairn is an Irish homebuilder committed to building high-quality, competitively priced, sustainable new homes and communities in great locations. At Cairn, the homeowner is at the very centre of the design process. We strive to provide unparalleled customer service throughout each stage of the home-buying journey. A new Cairn home is expertly designed, with a focus on creating shared spaces and environments where communities thrive   Note Regarding Forward-Looking Statements Some statements in this announcement are, or may be deemed to be, forward-looking with respect to the financial condition, results of operations, business, viability and future performance of Cairn and certain plans and objectives of the Company. They represent our expectations for our business and involve risks and uncertainties. We have based these forward-looking statements on our current expectations and projections about future events. We believe that our expectations and assumptions with respect to these forward-looking statements are reasonable. However, because they involve known and unknown risks, uncertainties and other factors, which are in some cases beyond our control, and which include, among other factors policy, brand, economic, financial, development, compliance, people and climate risks, our actual results or performance may differ materially from those expressed or implied by such forward-looking statements. Past performance cannot be relied upon as a guide to future performance and should not be taken as a representation that trends or activities underlying past performance will continue in the future. These forward-looking statements are made as of the date of this document. Cairn expressly disclaims any obligation or undertaking to publicly update or revise these forward-looking statements, other than as required by applicable law.   Footnotes The performance measures below are considered important by the Group in order for shareholders and analysts to assess how effectively the Group manages its day-to-day business expenses to generate profit from sales, provides a basis for performance benchmarking against competitors and indicates financial strength and potential for growth in addition to helping assess risk, liquidity, movements in debt and long-term stability.   1 Gross margin is defined as gross profit divided by total revenue. Calculated as €208.8 million / €944.6 million (2024: €187.0 million / €859.9 million). 2 Basic EPS (earnings per share) is defined as the earnings attributable to ordinary shareholders (€132.7 million) divided by the weighted average number of ordinary shares outstanding for the period (624,294,747 shares). 3 DPS (dividend per share) of 10 cents is 4.1 cent interim dividend per ordinary share paid in October 2025 and 5.9 cent proposed final dividend per ordinary share. 4 ROE (Return on Equity) is defined as profit after tax divided by the average of the opening and closing total equity in the financial year. Calculated as €132.7 million / €797.4 million (2024: €114.6 million / €757.7 million). 5 Net debt consists of loans and borrowings €226.4 million less cash and cash equivalents of €55.1 million (2024: loans and borrowings of €182.0 million less cash and cash equivalents of €27.6 million). 6 Represents the total new homes sales closings year to date and forward sales agreed as at the relevant date by number of units, total value (net of VAT) and average selling price (net of VAT). 7 This comprises both closed and equivalent residential units. Equivalent units relate to forward fund transactions which are calculated on a percentage completion basis based on the constructed value of work completed divided by the total estimated cost. 8 Total shareholders returns is defined as ordinary dividends paid to shareholders during a financial year plus amounts paid for shares purchased through share buyback programmes. Calculated as €54.7 million from €52.9 million dividends paid and €1.8 million shares repurchased (2024: €115.3 million from €44.7 million dividends paid and €70.6 million shares repurchased). 9 Forward fund transactions involve Cairn delivering new homes under a contractual relationship where the land is sold up-front and the cost of delivering the new homes is paid on a phased basis.   Chief Executive Statement Financial Highlights Trading Performance The Group delivered a strong performance in 2025 with a 10% increase in revenue to €944.6 million (2024: €859.9 million) including 2,365 units7 (2024: 2,241 units7). Of this, €928.0 million came from residential closed sales (2024: €838.5 million) and €16.7 million from development land, other commercial asset sales and rental income (2024: €21.4 million). Average selling price (ASP) increased to €392,000 in 2025, compared to €383,000 in 2024 primarily driven by product mix.   Gross profit for the year increased to €208.8 million (2024: €187.0 million), resulting in a gross margin1 of 22.1% (2024: 21.7%), underlining the impact of our optimised procurement strategies, efficiencies from scaled multi-site tender awards and productivity improvements across our scaled construction activities.   Operating profit was €168.6 million for the year, a 12% increase from €150.0 million in 2024, resulting in an operating margin of 17.8% (2024: 17.4%). Operating expenses were €40.2 million (2024: €37.0 million), equating to just 4.25% of revenue (2024: 4.30%) reflecting our ongoing focus on cost discipline coupled with investment in our growth.   Finance costs for the year were €16.7 million (2024: €15.1 million), reflecting the Group’s higher working capital investment during 2025. Profit after tax was €132.7 million (2024: €114.6 million), equating to basic earnings per share of 21.3 cent (2024: 17.9 cent). Balance Sheet Strength Total assets increased to €1,306.2 million at year end (31 December 2024: €1,072.3 million), including inventories of €1,115.1 million (31 December 2024: €862.1 million) comprising land held for investment of €701.3 million (31 December 2024: €615.7 million) and WIP of €413.8 million (31 December 2024: €246.4 million).   The increase in land held for development was after the release of land costs from the 2,365 units7 and site disposals in 2025, totalling €94.1 million, offset by strategic land acquisitions and other land costs during the year totalling €179.7 million, including €77.1 million in acquisitions on deferred payment terms payable in 2026 and 2027 (with a corresponding deferred consideration trade payable). Investment of €800.8 million in WIP during the year, net of WIP release of €633.2 million due to the release of costs associated with the sale of 2,365 units7, resulted in the €167.4 million increase in WIP. Net assets increased from €758.2 million to €836.7 million, an increase of €78.5 million which reflects the continued investment the Group is making into our future growth. With profit after tax growth of 16% to €132.7 million, the Group delivered a return on equity (ROE)4 of 16.6%, an increase of 150bps from 15.1% in 2024. At year end, the Group had access to €500.0 million of committed debt facilities, with an average maturity of nearly four years:   The Group had a total committed debt facility of €385.0 million at the start of 2025. This increased to €460.0 million on 26 February 2025, of which €402.5 million was a syndicate facility comprising a term loan of €102.5 million and revolving credit facility of €300.0 million with Allied Irish Banks, Bank of Ireland, and Home Building Finance Ireland (HBFI), maturing in June 2029 with a one-year extension option at the discretion of Group. The €402.5 million syndicate facility sustainability linked loans were redesignated to Green Loans during the year, reflecting the Group’s alignment with globally recognised best practices in sustainable finance. The drawn revolving credit facility as at 31 December 2025 was €28.0 million (31 December 2024: €35.0 million). Additionally, at 1 January 2025, the Group had €57.5 million of committed debt facilities with PGIM Private Capital. The Group completed a refinance of part of the private placement debt in July 2025, increasing the facility by €40.0 million to €97.5 million, repayable on 31 July 2026 (€42.5 million) and 31 July 2030 (€55.0 million). €15.0 million of the proceeds of the new €55.0 million private placement facility were used to discharge the €15.0 million July 2025 maturity.   As at 31 December 2025, the Company had available liquidity, including cash and undrawn facilities, of €327.1 million, compared to €229.6 million as at 31 December 2024. Net debt5 of €171.3 million was slightly above net debt of €154.4 million as at 31 December 2024. Shareholder Returns Total shareholder returns8 in 2025 amounted to €54.7 million, including €52.9 million in dividends. Between 2 January 2025 and 9 January 2025, the Company repurchased 803,939 shares at a cost of €1.8 million which completed the FY24 €45.0 million share buyback programme. All repurchased shares were subsequently cancelled. This compares to €70.6 million in share buybacks and €44.7 million in dividends distributed to shareholders in 2024.   The Board has recommended a final dividend of 5.9 cent per ordinary share, which, combined with the interim dividend of 4.1 cent per ordinary share, results in a total dividend of 10.0 cent per ordinary share for the year (2024: 8.2 cent per share). The proposed final dividend of 5.9 cent per ordinary share will be paid on 29 May 2026 to ordinary shareholders on the Company's register at 5:00 p.m. on 24 April 2026, subject to shareholder approval at the Company's Annual General Meeting on 30 April 2026. Supportive Policy Environment Focused on Housing Delivery and Enabling Infrastructure As a result of legislative actions, investment measures and strategic initiatives announced in 2025, the current policy environment to support increased housing delivery provides a clear roadmap to reaching 300,000 new homes by 2030, including:   ‘Delivering Homes, Building Communities’: new housing strategy published in November 2025, reaffirmed the Government’s commitment to delivering 300,000 new homes by 2030, including 12,000 social homes, 15,000 affordable homes and 23,000 private starter homes per year; National Development Plan (NDP) Review: €36.0 billion in committed capital funding allocated through the NDP to the Department of Housing, Local Government and Heritage (€28.3 billion for housing and €7.7 billion for water infrastructure) between 2026 and 2030, including an increase in the annual capital budget from €4.6 billion in 2025 to €7.3 billion in 2026; Revised National Planning Framework (NPF): Local Authorities instructed to increase zoning and provide additional 50% headroom to zone enough land to accommodate up to 83,400 new homes annually; and Planning Legislation Reform: Government has enacted critical sections of the Planning & Development Act, such as allowing developers to extend the duration of extant planning consents, extending the duration of planning permissions delayed by judicial review proceedings, establishing and resourcing An Coimisiún Pleanála (formerly called An Bord Pleanála), and strengthening the Office of the Planning Regulator to allow it to review planning authority performance.   First Time Buyers Driving Significant Demand Demand across all buyer profiles, most notably amongst FTBs, remained exceptionally strong in 2025, with the Company delivering 2,365 units7. This demand is also evidenced in our weekly private sales rate per active selling site of 4.2, across nearly 1,000 private sales in the year and the growth of our closed and forward order book which has increased to 3,452 new homes with a net sales value of over €1.32 billion as at 3 March 2026 (2,593 new homes and €989 million as at 26 February 2025).   A strong mortgage market, growing personal savings and enhanced State supports against a backdrop of a limited supply of competitively priced new starter homes is driving continued positive momentum in our core FTB market. In 2025, we launched 11 new schemes nationwide, including our first two Croí Cónaithe (Cities) Scheme approved apartment developments in Cork and Dublin. The success of these launches supports the Company’s strategic objective to increase the delivery of new homes to FTBs over the medium term. Strong demand from this core market has continued into the early months of 2026, with six new private scheme launches planned in H1 2026, including our third Croí Cónaithe approved scheme at Exchange Square in our flagship Seven Mills development.   The Company continues to partner with a number of State supported counterparties to deliver competitively priced social & affordable homes under both forward purchase and forward fund9 transactions. We started 2026 active on six forward fund projects and expect to complete further forward fund transactions throughout the year, supporting efficient capital deployment and materially increasing our supply of social & affordable homes. The Government’s announcement in 2025 of additional capital funding to the sector highlights their commitment to support increased social, affordable and private output in the market.   The supportive changes to rent legislation proposed by the Government in 2025 were approved by the Cabinet Committee in February 2026 and are expected to be enacted into legislation in March 2026. This new legislation, combined with lower interest rates and recent changes to apartment regulations has the potential to positively impact demand from institutional investors, who are seeking long term stable exposure to the Irish residential market and who have been largely absent in recent years. Our market leading position in the delivery of scaled apartment developments leaves us strongly positioned to capitalise on this demand.   Investing in Sustainable Growth In 2025, the Company significantly increased its investment in construction activities with our highest ever WIP spend of €800.8 million (2024: €484.3 million). Our closing WIP balance of €413.8 million reflects the investment in the capacity and capability of our scaled operating platform and is 3.2x (2024: 4.0x) covered by over €1.32 billion sales in our closed and forward order book.   Cairn was active on an average of 25 residential sites during 2025, across both low and high-density schemes. The Company commenced nine new sites in 2026 including Montrose (Dublin 4), Ballymoneen (Galway), Garter Lane (Co. Dublin), Holybanks (Swords, Co. Dublin), Limebrook (Navan, Co. Meath), Wicker Walk (Seven Mills, Dublin 22), Exchange Square (Seven Mills, Dublin 22), Cross Avenue (Blackrock, Co. Dublin) and Creamfields (Co. Cork).   Our supply chain and procurement strategy leverages our scaled operating platform and multi-year, multi-project pipeline to maximise our operational competitive advantages, with a current committed procurement order book of over €1.8 billion on live sites. We are over 75% procured across all current live sites for 2026 and 50% for 2027, giving us material visibility over our cost profile. Whilst a significant portion of our materials are procured domestically, we remain aware of the potential impacts that the ongoing geopolitical uncertainty may have on our business in the future should there be a change.   2025 marked a significant step forward in embedding innovation and digital practices across our construction delivery model, enhancing our operational and productivity efficiencies. Key areas of progress and achievements in 2025 include:    Continued our phased delivery of Passive House standard apartments to our State partners at our Seven Mills, Pipers Square, Niven Oaks and Whitehaven developments; Launched our ‘Reality Capture’ programme across all sites, using 3D drone surveys and lidar scanning to provide a geospatially accurate record of site progress and infrastructure delivery from pre-acquisition to aftercare; Further defined our ‘Securing Delivery’ workstream to progress alternatives for facades, foundations and structures. This programme focuses on identifying robust, future proof alternatives to how we deliver our homes; and Established the first phase of the Cairn Innovation Test Centre which centralises innovation testing and acts as a research and development (R&D) centre where employees, subcontractors and suppliers collaborate on innovation projects. We will officially open the upgraded new Cairn Innovation Centre at our Seven Mills development during H1 2026 which will act as our innovation hub. The centre will also feature an enclosed presentation area designed as an ultra-low embodied carbon building, showcasing our commitment and leadership in sustainability.   Landbank Strategy Securing Growth In 2025, we acquired scaled sites (average site size of over 500 units) which are expected to deliver 4,500 new homes, primarily for the private market in the medium term. With our established strategic and disciplined capital allocation approach to land acquisition, we converted two option deals in the period, which will deliver c.2,800 of these 4,500 new homes. Our 39 site low-cost landbank now includes 13 high-density apartment sites and a number of our larger housing sites which include an element of high-density apartments (c.7,700 units at an average historic site cost of c.€43k per unit) and 26 low-density housing sites (c.10,700 units at an average historic site cost of c. €33k per unit).   Our land pipeline of up to 6,000 units provides enhanced landbank flexibility, whilst also securing our medium term growth in a capital efficient manner. This pipeline reflects transactions that can be executed opportunistically, ensuring flexibility to address changing demand dynamics and execute returns accretive opportunities as they arise.    During 2025, we obtained 11 new grants of planning comprising over 3,650 new homes (2024: seven new grants of planning permission comprising nearly 1,300 new homes). Over 70% of our c.18,400 unit landbank has effective full planning permission or is in the planning application process, underpinning our future growth.   Progress on Sustainability Initiatives Cairn continues to prioritise being a leader in sustainability, further embedding it in our everyday ways of working. Highlights of our progress and achievements in 2025 include:   Reduced our Gender Pay Gap by 7.2%, primarily through increasing female representation in senior positions (2025 Mean Gender Pay Gap: 22.8%, 2024 Mean Gender Pay Gap: 30%); Awarded a CDP score of A, placing us in the Top 4% of companies scored globally for leadership in environmental transparency and action; To date, we have commenced over 3,000 new homes to Passive House standard, including the delivery of 994 units7 across four developments during 2025; Won both the ‘Innovation in Construction’ award at the Irish Construction Excellence Awards and the ‘Green Transformation Award’ at The Green Awards recognising our market leading delivery of new homes to the Passive House standard at scale; Launched our third Employee Resource Group, ‘Race & Ethnicity in Cairn’, recognising our diverse workforce; Achieved Investors in Diversity Gold following a rigorous and independent assessment by the Irish Centre for Diversity, recognising the inclusive culture we have built and embedded across Cairn; and Named among the Best Workplaces for Health & Wellness for the first time, in addition to being recognised as one of Ireland’s Top Five Best Large Workplaces in 2026 and one of Europe’s Best Workplaces for 2025 by Great Place to Work.   Board and Committee Changes During 2025, the following Board and Committee changes occurred:   On 1 January 2025, Bernard Byrne was appointed as a Non-Executive Director and Chair-Designate and Orla O’Connor was appointed as a Non-Executive Director; On 1 May 2025, John Reynolds retired as Chairman of the Board and was succeeded by Bernard Byrne; and On 31 December 2025, Giles Davies retired from the Board. With effect from 1 January 2026, the following changes took place:   Orla O’Connor assumed the role of Workforce Engagement Director, succeeding Orla O’Gorman; Linda Hickey joined the Nomination Committee; and Julie Sinnamon joined the Remuneration Committee.   Following these changes, the composition of the Board Committees are as follows:   Audit & Risk Committee: Orla O’Gorman (Chair), Linda Hickey, Orla O’Connor and Julie Sinnamon; Nomination Committee: Julie Sinnamon (Chair), Linda Hickey and Orla O’Gorman; and Remuneration Committee: Linda Hickey (Chair), Orla O’Connor and Julie Sinnamon.   Change of Auditor In accordance with s.1548 of the Companies Act 2014, KPMG's tenure as the statutory auditor for a public interest entity reached its maximum duration at the end of the 2024 reporting cycle. Subsequently KPMG resigned as auditors following the completion of the audit for the fiscal year ending 31 December 2024. Ernst and Young Chartered Accountants have been appointed as the statutory auditor for the Group for the financial year ending 31 December 2025.    
 
CAIRN HOMES PLC CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME For the year ended 31 December 2025
            2025   2024
            Unaudited   Audited  
                   
                   
          Note €’000   €’000  
Continuing operations                  
Revenue         2 944,606   859,871  
Cost of sales           (735,841)   (672,910)  
Gross profit           208,765   186,961  
                   
Administrative expenses         4 (40,179)   (36,954)  
                   
Operating profit           168,586   150,007  
                 
Finance costs         3 (16,707)   (15,095)  
Share of loss of equity-accounted investee, net of tax           -   (203)  
Finance income           546   163  
                   
Profit before taxation           152,425   134,872  
                   
Tax charge         6 (19,710)   (20,300)  
Profit for the year attributable to owners of the Company         132,715   114,572  
Other comprehensive loss                
Fair value movement on cashflow hedges           (234)   124  
Cashflow hedges reclassified to profit and loss           124   (455)  
     

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