2 Cairn Homes plc — Annual Report 2017 Key Highlights Financial Revenue: €149.5 million (2016: €40.9 million) 418 sale completions (average selling price “ASP” – €315k) up from 105 sale completions (ASP – €295k) in 2016 (all ex. VAT). Gross Profit: €27.1 million (2016: €7.1 million) Gross margin 18.2% (2016: 17.3%). Operating Profit*: €15.0 million (2016: €3.6 million) * Pre-exceptional items of €0.5 million (2016: €1.4 million). Inventories: €911 million (2016: €727 million) Forward Sales:* 383 units Revenue Outlook 34 individual sites containing c. 14,100 residential units. €807 million development land. €104 million construction work in progress. Forward sales pipeline of 383 units (sales value €143.2 million) at an ASP of €374k (all ex. VAT) as at 5 March 2018 with an expected gross margin of 19%. Four additional sales launches in H1 2018. * defined as a sale with a booking deposit paid, contract issued or contract exchanged. Forecast total revenue in excess of €350 million (including c. 800+ sales completions) and a gross profit margin of c. 20% in 2018. We also expect our medium-term run-rate to deliver total revenue of c. €500 million from between 1,300 and 1,400 sales completions annually from 2020 (IPO target was 1,000 unit sales completions).
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