Cairn Homes has taken time to live up to its potential. It bought huge tracts of development land from financial institutions like Nama in the mid 2010s, at what turned out to be near the bottom of the market. So, it has always had this huge balance sheet. What it hasn’t done is rapidly build lots of homes on the land. In Cairn’s first half interim results presentation, released to the market today, there are signs that the company is hitting its straps. It made €240 million in revenue in the first half of the year, a record for the…

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