When we say built for life, we mean just that; solid homes that will stand the test of time, places that provide a great quality of life and a business model that takes a long term approach, creating a sustainable future for our customers, our Company, the homebuilding sector and also providing long term value for our shareholders.
“Built for life also means asking ourselves – what will success look like tomorrow and how will we build towards it today?”
People come first. We never lose sight of the fact that our business is all about people, partnerships, respect and trust. This is evident in how we work with our customers, subcontractors, investors and each other. We are committed and engaged on a personal level.
“It’s our dedication to treating people with respect that really comes through.”
Family life is what happens inside a home: community is what happens in the spaces between and around the new homes we build. We place great emphasis on the importance of cohesive and vibrant communities and this influences our thinking at every level.
“We provide amenities that encourage social interaction to create a stronger sense of community in our new home developments.”
We are an established business with a clear strategy and a defined business model, offering a broad range of new homes across the price spectrum which appeal to all segments of the market from first time buyers to institutional investors. Our core business is focused on the delivery of quality, competitively priced starter homes to first time buyers.
“We are a “developer- contractor” building on multi-phase, multi-year large scale residential sites containing an average of 475 units.”
We have an established operating platform across housing and apartments, a defined supply chain and established subcontractor base.
Our building teams take pride in delivering quality. Their training and experience, from apprentices to engineers to foremen, surveyors and site managers, ensures that best-in-class standards are achieved.
A significant number of new homes will be delivered to the Irish new homes market into the long-term from a defined business model supported by a strong and robust balance sheet.
We engage with our customers to ensure that the new homes we design and build meet their every need, whether they are a first time buyer, an up-sizer or a down-sizer. We understand that buying a new home is one of the biggest....
decisions each of our customers will make in their life. Every home buyer benefit from the Cairn Customer Satisfaction Commitment, which extends to our after-sales service.
We create sustainable, vibrant communities centred around well designed and high quality landscaped environments.
Revenue increased from €149.5m in 2017
Gross profit and a gross profit margin of 20.5% (from €27.1m and 18.2% in 2017)
Operating profit (2017: €14.5m)
Adjusted earnings per share (2017: 0.7 cent)
First interim ordinary dividend to be announced in September 2019
Free cash generation by the end of 2021
With a talented and experienced team, a long-term land bank containing the best housing and apartment sites in the best locations and a defined operating model, Cairn is uniquely positioned to meet Ireland’s growing housing and apartment demands
Average 5 year GDP and +418,000 employment growth since 2012.
Ireland has been the fastest growing and best performing economy in the EU for each of the last 5 years.
Supply in 2018 versus demand of 35,000 (ESRI).
Supply still less than 50% of annual demand.
Population growth and increasing employment has broadened our addressable market. Irish Revenue statistics indicate that there are +350,000 couples who can afford to buy a house priced between €275,000 and €375,000.
Capital seeking multifamily PRS opportunities in the Greater Dublin Area.
Average land cost per unit:
• Housing €37,000
• Apartments €76,000
70% of our sites are active or “ready to go“ in 2019 and 2020 underpinning medium term guidance.
Of our starter homes can be priced between €275,000 and €375,000.
c. 2,500 – 3,000 of our apartment units can satisfy more than €1 billion of multifamily PRS demand.
The Group’s strategy is to establish itself over the long-term as a leading Irish homebuilder, constructing high quality and competitively priced new homes.
Moved 804 new customers into their new homes with positive feedback on their buying journey; Undertook a large research project, which included qualitative and quantitative research across all buyer segments, our existing customers and the wider market, with the objective of providing a better understanding of the home buying journey and our customers’ motivations and behaviours so we can better meet their needs; Mapped the customer journey and identified gaps for extra attention; Launched a new, more intuitive, customer friendly website; and Trialled a children’s entertainment section for our customers at a development launch.
Roll out a customer lifecycle and content program to help plug identified gaps in the customer journey; Continued launch and roll out of our Corporate Social Responsibility (“CSR”) strategy with development specific initiatives; Increased use of research to drive insight led product innovation and development of brilliant homes; Increased focus on after-sales experience and support; and Expand customer care to improve ease of customer access to our product.
Launch of lifecycle and content program; Key customer success and product decisions driven by research and customer insights; Launch of CSR initiatives that help foster communities within our developments; and Maintain net promoter score (“NPS”).
In doubling output volume to 804 units, delivered new homes of the highest quality to the market; Increased the range of product delivery from two-bedroom duplex units and competitively priced suburban starter homes to high end city centre apartments; Evolved the Cairn design to adapt to evolving trends;Delivered a standardised starter homes product across more starter homes sites; and Unlocked the potential of a number of sites with the delivery of key offsite infrastructure.
Continue to enhance the standard of new homes that the Company builds through our in-house pre-construction design development processes; Create further efficiencies during our construction process by ensuring fit for purpose designs and deployment of innovative building systems and methodologies; and Enhance the quality, cost effectiveness and timelines of construction.
Maintain the Company’s best in class quality standards for homes delivered; Increase volume output; Greater construction programme and cost efficiencies.
Contributed over €55 million to date towards public realm and infrastructure projects like roads, bridges, schools, public parks, playgrounds and sports facilities; Built communities and great places across 804 new homes – all within proximity to existing communities and infrastructure and with convenient transport links and access to great retail, leisure and recreational amenities; Market leading native planting and biodiversity programme executed.
Contribute over €20 million towards public realm and infrastructure projects across 13 active developments; Build communities and great places across an additional 1,500 new homes to be built; Hire additional employees; Integrate supply chain more closely to ensure long term scaling for the business; Further embed succession planning as part of broader talent management strategy to find, develop and retain the best people; Expand and integrate supply chain more closely to ensure long term scaling for the business; Hire additional staff and broaden our pool of subcontractors; Increased spend on procurement and maintain below-market build cost inflation; Introduce Cairn Apprenticeship program to support industry talent development; Expand our native planting and biodiversity programme; Launch our CSR program which is centred on community development.
Customer feedback on all sites where we build new homes in 2019; Launch of CSR policy and review of its effectiveness.
Recruited best talent within and outside the sector to increase our design and construction capability in order to scale; Support over 2,500 jobs across our active sites; Designed and introduced performance management, succession planning and development planning for all employees; Embedded goal setting across teams to ensure they were aligned to produce great homes efficiently; Introduced values to support our culture which constitute 20% of overall targets for our employees.
Hire additional employees; Integrate supply chain more closely to ensure long term scaling for the business; Further embed succession planning as part of broader talent management strategy to find, develop and retain the best people; Launch Cairn management development program; Introduce Employee Volunteering program as part of our CSR strategy to support community development and placemaking.
Attrition below agreed targets; Succession planning in place and effective for all key roles; New apprentices hired and being trained; Best talent in the market secured for all roles; 100% of employees have a development plan and full access to CPD; All site managers have been through the Management Development program; Internal communications strategy developed; Effective cross team goal setting and ways of working to ensure fully integrated delivery model from planning through to post sales experience.
Secured access to talent in rising market through subcontractor network and recruitment of direct talent; c. 2,000 subcontractors fully engaged across our sites working under our site management teams to scale the business; Planning consents – 2,106 units granted planning build cost inflation; Introduced a partnership with Kingspan Group plc for the supply of off-site manufactured timber frame structures for our housing division (c. 30% of all houses constructed over the next two years will be off-site modular constructed units).
Expand and integrate supply chain more closely to ensure long term scaling for the business; Hire additional staff and broaden our pool of subcontractors; Increased spend on procurement and maintain below-market build cost inflation; Introduce Cairn Apprenticeship program to support industry talent development; Standardisation across our starter home developments to drive greater efficiency through the development cycle; Five new site commencements; Delivery of completed timber-frame constructed new homes across multiple sites; Maintain A3 Building Energy Ratings across all sites.
Scaling evidenced through effective subcontractor performance and achievement of program targets on time; Achievement of sales and margin targets; Direct construction costs as % of sales price; Build cost inflation; Procurement strategy capturing economies of scale and timely access to external resources and materials. Supply chain reliability (labour and materials).
We recognise our responsibility as a member of the communities in which we build, and we don’t take it lightly. We are proud to be using our skills, scale and commitment to contribute to a better society.
We will achieve this by working closely with our stakeholders towards clearly stated goals; getting down to work with a common sense of purpose; working hard to give people a home; helping to create strong and vibrant communities; generating jobs and growth; and supporting the environment. Our CSR activities are based around four themes: Community, Environment, Industry and People. Community is our central theme and feeds into all of our activities.