Cairn Homes completes €75m share buyback, seeks further efficiencies

Dublin-listed Cairn Homes has completed the €75 mln share buyback programme which it commenced on 13 January 2022.

Between that time and 24 October, 65,330,038 ordinary shares in the company were repurchased on Euronext Dublin and the London Stock Exchange for cancellation at an average price of €1.15.

This represented 8.7% of the issued share capital of the company (excluding treasury shares, of which there are none) when the programme commenced.

The company said it had now returned just under €96 mln to shareholders of the €115 mln committed in the current financial year, including the €75 mln share buyback programme just completed.

The firm said it expected to generate in excess of €500 mln in operating cashflow in the three years to 2024 and would maintain a focus 'on generating significant operating cashflows, driving balance sheet efficiency and executing strategic initiatives to create and deliver shareholder value over the medium term'.

Market watchers suggested the operation and outlook reflects favourably on Cairn, which is currently trading at just 0.9x book value.


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