Latest news with #MichaelStanley
Irish Independent
09-07-2025
- Business
- Irish Independent
Cairn Homes boss says revised apartment rules will mean lower prices for buyers
units, fewer windows, and less communal space. Michael Stanley, the company's CEO, said that as Ireland's 'most active apartment builder', it welcomed the changes introduced by Housing Minister James Browne and said that the new regulations would reduce building costs. 'These guideline changes will also lower selling prices for future Croí Cónaithe developments and Local Authority Affordable Purchase Schemes,' Mr Stanley insisted. The Government has agreed that about 50,000 apartments in developments that have planning permission, but which are not started, can be completed using the new guidelines. 'We plan to submit revised designs and prioritise projects for our Affordable Housing Body (AHB) customers,' Mr Stanley said. 'When amendments are approved by planning authorities, we will pass on the significant cost savings to our AHB customers, which should in turn reduce affordable rents for new cost-rental apartments.' The Cairn boss said that the new guidelines, which mean that developers no longer have to offer the same mix of unit type and size in apartment blocks, will reduce the selling price for units in the local authority affordable purchase schemes, and in Croi Conaithe, the Government ADVERTISEMENT Learn more initiative to support the building of apartments for sale to private owners. Shares in Cairn Homes rose on Wednesday after it reiterated its full-year guidance and said it continues to see strong demand from first-time buyers. The homebuilder said in a trading update that it generated revenue of €280m in the first six months of the year from the sale of approximately 700 units. That compared to revenue of €366.1m from 894 units in the first half of 2024. The company's trading is traditionally weighted towards the second half of the year. It added that its 'significant investment' in scaled construction activity in the first six months of 2025 will support its performance for the remainder of the year. Cairn said that it had seen strong private sales in the first half of the year. It increased its multi-year closed and forward order book to about 3,700 new homes, with a net sales value of roughly €1.4bn. The company launched eight new schemes across Dublin, Kildare, Meath, Cork and Galway in the period, with strong demand witnessed from it core first-time buyer market. The performance comes amid a backdrop of a continued housing shortage that is set to persist for years to come. 'We have witnessed exceptional demand in the year to date, including in our numerous private sales launches in this spring and early summer sales season,' said chief executive Michael Stanley. 'We were also encouraged to see such strong support for our first Croí Cónaithe development in Cork, from first-time buyers seeking affordable private ownership of apartments,' he added. Mr Stanley noted that this week the government has announced amendments that will permit smaller apartments and relax rules on internal space, dual aspect ratios, ceiling heights and other design elements. As Ireland's most active apartment builder, we welcome this initiative, which will reduce build costs,' said Mr Stanley. 'These guideline changes will also lower selling prices for future Croí Cónaithe developments and Local Authority Affordable Purchase Schemes,' Mr Stanley insisted. Cairn Homes is predicting that it will generate revenue growth of more than 10pc this year and generate an operating profit of around €160m.
Irish Examiner
09-07-2025
- Business
- Irish Examiner
Cairn Homes revenue falls to €280m in first half of 2025
Irish property developer Cairn Homes reported revenue of €280m in the first six months of 2025, down from €366m in the same period last year following a decline in the number of units delivered. In a trading statement published on Wednesday, the homebuilder reported revenue from around 700 units, which was down from 894 units in the first six months of 2024. The company reaffirmed its full-year guidance, forecasting revenue growth in excess of 10% and an operating profit of around €160m. The homebuilder welcomed strong private sales in the period, which increased its multi-year closed and forward order book to some 3,700 new homes with a net sale value of around €1.4bn. Cairn launched eight new schemes in the first six months of this year across Dublin, Kildare, Meath, Cork and Galway, with strong demand from its core First-Time Buyer (FTB) market. This included the launch of its first Croí Cónaithe approved apartment development in Douglas, Cork, with Cairn welcoming the Government initiative to support private ownership of apartments. The developer also announced continued progress in its land acquisition strategy and agreed to acquire land which will deliver around 2,000 homes, which will be primarily for FTBs in the medium term. It also said it has progressed joint venture arrangements and option agreements to secure an additional 1,500 units. Cairn said its board also intends to announce a 4.1c interim dividend per ordinary share at its interim results on September 3, 2025, an 8% increase compared to its full-year results for 2024. 'We have witnessed exceptional demand in the year to date, including in our numerous private sales launches this spring and early summer sales season," said chief executive Michael Stanley. "We were also encouraged to see such strong support for our first Croí Cónaithe development in Cork, from first-time buyers seeking affordable private ownership of apartments." The CEO also welcomed new amendments to apartment design guidelines announced by the Government this week, which he said will reduce costs and affordable rents for new cost-rental apartments. Shares in Cairn were up 0.23% on Wednesday morning from the previous close following the release of its half-year trading statement.
Irish Times
09-07-2025
- Business
- Irish Times
Strong first-time buyer demand supports Cairn revenue
Home builder Cairn said strong demand from first-time buyers supported revenue in the first half of the year, as the company performed in line with expectations. Revenue for the first six months of 2025 was €280 million, on around 700 units, it said in a trading statement. That was lower than the comparative period in 2024, when the company had revenue of €366.1 million on 894 units. The company is expecting that investment in scaled construction activity in the first half of the year will support performance for the rest of 2025, with Cairn's business traditionally weighted to the second half of the year for trading, transaction timing and mix. The company said its multiyear closed and forward order book has increased to 3,700 new homes with a net sales value of around €1.4 billion, supported by strong private sales in the period. READ MORE Eight new schemes in Dublin, Kildare, Meath, Cork and Galway generated strong demand from its core first-time buyer market, Cairn said. The new schemes include Cairn's first Croí Cónaithe-approved apartment development , located in Douglas, Co Cork. 'We have witnessed exceptional demand in the year to date, including in our numerous private sales launches in the spring and early summer sales season,' chief executive Michael Stanley said. Cairn has agreed to acquire land that could deliver around 2,000 homes in the medium term, it said, with joint venture arrangements and option agreements to secure an additional 1,500 units progressing. Cairn has also increased its access to capital and liquidity, following the refinancing of part of its US private placement debt in early July that increased its facility by €40 million to €97.5 million. Cairn said it was confident in its outlook for the full year, expecting revenue growth of more than 10 per cent and operating profit of around €160 million. The planned 4.1 cent interim dividend per ordinary share, which it plans to announce alongside interim results in September, will be an 8 per cent increase on 2024's interim dividend of 3.8 cent. The construction company also welcomed changes announced by Government this week to apartment design guidelines. 'As Ireland's most active apartment builder, we welcome this initiative, which will reduce build costs. We plan to submit revised designs and prioritise projects for our affordable housing body (AHB) customers,' Mr Stanley said. 'When amendments are approved by planning authorities, we will pass on the significant cost savings to our AHB customers, which should in turn reduce affordable rents for new cost rental apartments.' Mr Stanley said the guideline changes would also lower selling prices for future Croí Cónaithe developments and Local Authority Affordable Purchase Schemes.
Yahoo
09-05-2025
- General
- Yahoo
Army veteran, 84, begins final Tintanic II mission
A retired army major is hanging up his oars after rowing nearly 500 miles in homemade tin boats for charity – but not before one final challenge. Michael Stanley, known as Major Mick, first took to the seas and rivers of southern England on his boat, dubbed Tintanic, to raise money for a Ukrainian orphanage in 2020. He said the orphanage is closing as the majority of children had been rehoused with their extended families and the few remaining were being taken into the Romanian care system. The 84-year-old, who has so far raised £88,000 by rowing 480 miles, set off from Chichester Yacht Club on Friday as he begins his final year of fundraising with hopes of reaching £100,000 and 500 miles. Mr Stanley sold the original Tintanic for £480, which he donated to the orphanage, and built Tintanic II, which he will use for the final time this year. The funds raised in his final challenge will be donated to St Wilfrid's Hospice, based in Chichester. During his rowing challenges across England, Scotland and Wales, Mr Stanley has met the King and the prime minister, but said the time had come to call it a day. "My wife isn't too keen on travelling with the boat in the car and I'm starting to run out of ideas," he said. "It's been a fantastic way of passing the time, but it's the people that have made it so special." The Duke of Richmond launched Tintanic II from the Chichester Yacht Club, in Birdham, at 11:00 BST on Friday. Mr Stanley left the pontoon at 11:45 and rowed a short distance to get a few more miles under his belt, before taking on a series of rows later this year. He said he expected to do more than 500 miles and was even planning to row along the entire northern coast of the Isle of Wight. Follow BBC Kent on Facebook, on X, and on Instagram. Send your story ideas to southeasttoday@ or WhatsApp us on 08081 002250. Army vet Major Mick, 81, sets sail on Tintanic II Army veteran launches charity row in homemade boat
Yahoo
09-05-2025
- General
- Yahoo
Army veteran, 84, begins final Tintanic II mission
A retired army major is hanging up his oars after rowing nearly 500 miles in homemade tin boats for charity – but not before one final challenge. Michael Stanley, known as Major Mick, first took to the seas and rivers of southern England on his boat, dubbed Tintanic, to raise money for a Ukrainian orphanage in 2020. He said the orphanage is closing as the majority of children had been rehoused with their extended families and the few remaining were being taken into the Romanian care system. The 84-year-old, who has so far raised £88,000 by rowing 480 miles, set off from Chichester Yacht Club on Friday as he begins his final year of fundraising with hopes of reaching £100,000 and 500 miles. Mr Stanley sold the original Tintanic for £480, which he donated to the orphanage, and built Tintanic II, which he will use for the final time this year. The funds raised in his final challenge will be donated to St Wilfrid's Hospice, based in Chichester. During his rowing challenges across England, Scotland and Wales, Mr Stanley has met the King and the prime minister, but said the time had come to call it a day. "My wife isn't too keen on travelling with the boat in the car and I'm starting to run out of ideas," he said. "It's been a fantastic way of passing the time, but it's the people that have made it so special." The Duke of Richmond launched Tintanic II from the Chichester Yacht Club, in Birdham, at 11:00 BST on Friday. Mr Stanley left the pontoon at 11:45 and rowed a short distance to get a few more miles under his belt, before taking on a series of rows later this year. He said he expected to do more than 500 miles and was even planning to row along the entire northern coast of the Isle of Wight. Follow BBC Kent on Facebook, on X, and on Instagram. Send your story ideas to southeasttoday@ or WhatsApp us on 08081 002250. Army vet Major Mick, 81, sets sail on Tintanic II Army veteran launches charity row in homemade boat
