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Cairn Homes

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Cairn Homes PLC
TypePublic limited company
IndustryConstruction and Real Estate Development
Founded12 November 2014 (IPO 10 June 2015)
HeadquartersDublin, Ireland
Key peopleMichael Stanley, co-founded and CEO[1]
Alan McIntosh, co-founded
ProductsResidential houses and apartments
Revenue€860.0 million (2024)
Websitewww.cairnhomes.com

Cairn Homes is an Irish house-builder and developer focusing on the Greater Dublin Area and other major urban areas of Ireland. The company is listed on Euronext Dublin and is a constituent member of the ISEQ 20 with a market capitalisation of €1.302 as of 3 July 2025.[2][3][4] The company also has a secondary listing on the London stock exchange.[5]

In June 2024, the company launched its first development outside of the Dublin area in Douglas, Cork.[6]

The company completed the sale of 2,241 residential units in 2024, commenced over 4,100 units, had 10 new site commencements, and had 21 active sites at the end of 2024.[7]

History

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Cairn Homes was co-founded in 2014 by Michael Stanley, Alan McIntosh and Kevin Stanley. Michael & Kevin Stanley’s father owned the company Shannon Homes. Founded in the 1970s, Shannon Homes was a major builder of new homes in Dublin. In 2005, Shannon Homes was split into two parts; Stanley and his brothers took one part of the company and renamed it Stanley Holdings, which went on to complete 450 units before being mothballed in 2008 to pay down its debts. However, because the company still needed to borrow for the remaining 50 acres of land on the Malahide Road, the Stanleys were ultimately brought into NAMA.[8]

In 2014, Stanley and his brother Kevin decided to reopen the business and start refinancing the NAMA loan, and they were offered funding from private equity firms. At this point, Stanley met Alan McIntosh, who helped him pay off the NAMA loan and rolled the 50-acre site, known as Parkside, into the newly founded company, Cairn.[9]

In July 2015, Cairn Homes plc floated on the London Stock Exchange, raising over €720 million, which helped the company grow its portfolio by acquiring sites from RTÉ and securing loans from Ulster Bank. Cairn joined the Irish Stock Exchange in July 2017 with an initial valuation of €1.1 billion, placing it among the top 10 ISEQ companies.[8]

The company has marginally increased its financial and operational performance each year since it was founded with the exception of 2020 due to the effects of COVID-19 lockdowns.[10]

The company has focused on the first-time buyers' market rather than high-end development. In recent years, Cairn has expanded its strategy by partnering with the Land Development Agency to work on high-density sites, such as their biggest one in Seven Mills, which will deliver mixed-tenure and cost-rental apartments. Moving into 2025, the company secured agreements to deliver approximately 2,150 social and affordable homes over a multi-year period.[11]

Financial performance

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Year 2016[12] 2017[13] 2018[14] 2019[15] 2020[16] 2021[17] 2022[18] 2023[19] 2024[7][20] 2025[21]
Currency € € € € € € € € € €
Revenue
in millions		 Increase 40.9 Increase 149.5 Increase 337.0 Increase 453.3 Decrease 262.0 Increase 424.0 Increase 617.4 Increase 665.0 Increase 860.0 Increase 944.6
Gross Profit
in millions		 Increase 7.1 Increase 27.1 Increase 69.1 Increase 85.3 Decrease 42.7 Increase 83.9 Increase 134.2 Increase 146.97 Increase 187.0 Increase 208.8
Operating Profit
in millions		 Increase 2.3 Increase 14.5 Increase 53.2 Increase 68.0 Decrease 24.4 Increase 58.4 Increase 103.0 Increase 113.4 Increase 150.0 Increase 168.8
Unit Sales Completed Increase 105 Increase 418 Increase 804 Increase 1,080 Decrease 743 Increase 1,120 Increase 1,526 Increase 1,741 Increase 2,243 Increase 2,365
Cairn homes houses under construction near Blessington, County Wicklow.

2024 Results

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In 2024, the Company had a return on equity of 15.1% and an 8.2 cent dividend per share.[7] Operating profit increased by 32% as compared to 2023.[20] Revenue increased by 29% compared to 2023.[7] Earnings per share for 2024 was 17.9 cents.[7] The Company generated €134.7 million in operating cash flow.[7]

References

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  1. ↑ "Cairn Homes - Who We Are". www.cairnhomes.com. 20 February 2020. Retrieved 20 February 2020.
  2. ↑ "Cairn Homes revenue and profit rises as average selling price jumps". www.cityam.com. 3 March 2020. Archived from the original on 4 March 2020. Retrieved 11 March 2020.
  3. ↑ Williams, Aime (5 January 2018). "Strong demand in Dublin boosts housebuilder Cairn Homes". Financial Times. Archived from the original on 19 June 2020. Retrieved 18 June 2020.
  4. ↑ "CAIRN HOMES PLC | IE00BWY4ZF18 | Euronext exchange Live quotes". live.euronext.com. Retrieved 2025-07-03.
  5. ↑ "Housebuilder Cairn Homes raises over €400m in LSE debut". www.irishtimes.com. 10 June 2015. Retrieved 11 March 2020.
  6. ↑ "Cairn Homes launching first Cork development". RTÉ.ie. 20 June 2024. Archived from the original on 24 July 2025. Retrieved 28 August 2025.
  7. 1 2 3 4 5 6 "Cairn Homes 2024 Annual Report" (PDF). Cairn Homes Investor Relations. Cairn Homes. 14 March 2025. Archived (PDF) from the original on 20 July 2025. Retrieved 3 July 2025.
  8. 1 2 Brennan, Joe (August 11, 2017). "Michael Stanley, Cairn Homes: RTÉ site 'once-in-a-lifetime chance'". The Irish Times. Archived from the original on 2025-08-22. Retrieved 2026-07-02.
  9. ↑ "Michael Stanley, Cairn Homes: RTÉ site 'once-in-a-lifetime chance'". The Irish Times. Retrieved 2026-07-02.
  10. ↑ "Cairn Homes' revenues and profits for 2020 drop". RTÉ. 2021-03-04. Archived from the original on 2023-10-14. Retrieved 2026-07-02.
  11. ↑ "Cairn will Increase Housing output" (PDF).
  12. ↑ "2016 AR" (PDF). cairnhomes.com. Archived from the original (PDF) on 18 June 2020. Retrieved 18 June 2020.
  13. ↑ "2017 AR". cairnhomes.com. Archived from the original on 22 June 2020. Retrieved 18 June 2020.
  14. ↑ "2018 AR". cairnhomes.com. Archived from the original on 19 February 2025. Retrieved 28 August 2025.
  15. ↑ "2019 AR". cairnhomes.com. Archived from the original on 19 February 2025. Retrieved 28 August 2025.
  16. ↑ "Release of our 2020 Annual Report". Cairn Homes. Archived from the original on 26 August 2021. Retrieved 26 August 2021.
  17. ↑ "Annual Report 2021" (PDF). www.cairnhomes.com. Archived (PDF) from the original on 12 July 2023. Retrieved 12 July 2023.
  18. ↑ "Annual Report 2022" (PDF). Archived (PDF) from the original on 12 July 2023. Retrieved 12 July 2023.
  19. ↑ "Trading Update" (PDF). www.cairnhomes.com. Archived (PDF) from the original on 16 January 2024. Retrieved 16 January 2024.
  20. 1 2 "Cairn Homes increases revenues and profits despite fall in average unit price". The Irish Times. Archived from the original on 2025-01-14. Retrieved 2025-01-14.
  21. ↑ Gleeson, Colin. "Cairn Homes to ramp up output by 35% as profit and revenue see double-digit bounces". The Irish Times. Archived from the original on 2026-03-04. Retrieved 2026-03-04.
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