Former Enterprise Ireland CEO joins board of Cairn Homes

Former head of Enterprise Ireland, Julie Sinnamon, has joined the board of Cairn Homes as an independent non-executive director.

he listed housebuilder has also announced that Andrew Bernhardt intends to step down as an independent non-executive director at the end of this year.

Ms Sinnamon held a number of senior roles at Enterprise Ireland including the position of CEO from 2013 until her retirement earlier this year. The State body is the organisation tasked with supporting the development and growth of Irish firms in overseas markets.

Ms Sinnamon is chair of European Movement Ireland, co-chair of Balance for Better Business, director of PwC Ireland Public Interest Body, The Agricultural Trust, Social Entrepreneurs Ireland and The Young Scientist & Technology Exhibition.

In addition, she serves as a member of the Investment Committee of the Irish Strategic Investment Fund and a member of the Irish Government’s Climate Change Advisory Council.

John Reynolds, Cairn chairman said: “We are delighted to welcome Julie Sinnamon to the Cairn board. Julie brings truly unique and valuable experience to Cairn having played a central role in the growth and development of Irish industry over a 30 year period.”

“That depth of experience will broaden the diversity of background of the board as we continue to grow and strengthen our position as a leading participant in Ireland’s housing recovery.”

Ms Sinnamon is a business graduate of the University of Ulster, holds a Master’s in International Business from Fordham University, USA and is a graduate of the Stanford Executive Programme, USA.

Mr Bernhardt served as a non-executive director of Cairn for over six years since the group’s IPO in 2015. He will retire from his role at the end of 2021.

Cairn Homes, Ireland’s largest housebuilder, doubled its operating profit in the first half of this year as building sites reopened and has upgraded its profit guidance on the back of strong results.

The company significantly grew its sales in a hot housing market, contracting to sell 832 new homes and completing the sale of 403 more – twice the number from the same period in 2020.

Cairn is targeting 2,550 closed sales for the two years to the end of 2022.

Revenue at the housebuilder was up 61pc to €130.6m in the first six months of the year as pent-up demand was released and Ireland’s tough lockdown restrictions were eased.

Margins improved to 18.5pc from 16.1pc, reflecting Cairn’s push to control costs during the last 18m.

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