Lagan Homes’ Irish subsidiary lifts turnover to nearly €90m

Lagan Homes saw sales in its Irish residential building business rise close to €90 million last year, according to newly filed accounts.

The Dublin-based home builder, led by managing director Chris Carroll, was established in 2017 following the sale of Northern Irish building materials group Lagan in a £455 million (€527 million) deal.

The company has a network of a dozen subsidiaries that are developing residential projects in the Leinster region on sites in Drogheda, Lusk, Ratoath and Navan.

New accounts filed by Lagan Homes Ireland Limited, the parent firm for these subsidiaries, showed it had turnover of €89.2 million from the sale of homes last year, up from €63.5 million the previous year.

The cost of sales was €84.8 million, which led to a gross profit of €4.3 million. Following administrative expenses of €2.1 million, it made an operating profit of €2.2 million compared to €1.9 million the previous year.

During the year, the company also took in almost €5 million of investment income in the form of dividends from its subsidiaries.

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After accounting for the dividends received from the subsidiaries and €1.7 million of interest payments to service debts, the firm recorded a profit after tax of €5.3 million, up 11 per cent compared to the €4.8 million registered in 2024.

Most of the 12 subsidiaries of Lagan Homes Ireland Limited are wholly owned by the company, except for Lagan Homes Bellview Limited and Lagan Homes Ballycullen Limited, in which it holds 50 per cent and 60 per cent stakes respectively.

The subsidiaries recorded mixed results, with Lagan Homes Ballycullen Limited reporting a €4.77 million profit, Lagan Homes Tullyallen Limited making a €1.2 million profit and Lagan Homes Kildare Limited booking a €1.1 million profit.

The company’s wholly-owned subsidiary Lagan Homes Navan recorded the largest loss in the group at €774,000 followed by Andemar Ventures Limited, which made a loss of €636,000.

Lagan Homes Ireland Limited had 25 employees on average during 2025, compared with 20 the previous year. Staff costs, including directors’ salaries, rose to almost €4.8 million from €3.7 million.

The company, which has 2,300 homes in its pipeline, has forecast it will complete 380 homes this year across sites in Meath, Louth and Kildare.

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The company previously said it has opportunities to grow its scale in the coming years after it received permission to build close to 500 homes on a 10-hectare site in Ballycullen, Dublin in February.

The company also has another large land bank in north Co Dublin with capacity for 700 homes.

Lagan Homes Ireland is a part of a wider group of firms in the Lagan Group, including its homebuilding firms in Northern Ireland and England, Fast House Timber Frame and Century Homes.

Following the sale of Northern Irish building materials group to Breedon in 2018, Lagan Group has reinvested the proceeds into its development company in the Republic, which is owned by Kevin Lagan and his son Peter.

Current developments the home builder has under construction include Ard Na Páirce Theas in Co Kildare, Gort Mell in Drogeda, Co Louth and Fairywood in Ratoath, Co Meath.