Michael Stanley, CEO of Cairn Homes, is the Business & Finance Business Person of the Month for June 2024, in association with KPMG.
Homebuilder Cairn Homes, saw its shares increase last week after it announced a new share buyback plan. The company which closed sales of almost 900 homes in the first half of 2024 generating revenue of approximately 365 million euro, has said it was poised to deliver an exceptional output and financial performance in 2024. The company has predicted year-on-year growth of 30%.
Michael Stanley, CEO, said of the results, “We will invest heavily in 10 new site commencements, including eight in the second half of 2024. Recent data on increased mortgage approvals for first time buyers is positive news and the broader homebuilding industry is also responding to improved realisable demand by increasing the supply of new family homes.”
He added that the over-crowded rental market continued to be a considerable challenge. “In recent years, more than 70,000 homes previously for private rental are no longer available, the majority having been purchased by homebuyers from smaller landlords exiting the market. Privately funded replacement stock, particularly apartments in urban areas has been very low and as a result, many of Ireland’s young and fully employed population are faced with a shrinking and illiquid rental market.”
Background
Michael Stanley co-founded Cairn Homes plc and was appointed CEO prior to the IPO in June 2015. He has extensive experience in residential development and the broader property industry. Stanley was previously CEO of Stanley Holdings, a large Irish homebuilder and real estate investment company. He also has extensive experience in the packaging, energy, agritech and healthcare sectors.
Prior to co-founding Cairn Homes, Stanley was investor and board advisor with Endeco Technologies for almost 14 years.
Business & Finance, Business Person of the Month
