Glenveagh Properties said it expects to deliver 2,700 new homes this year, noting the growth was underpinned by its “healthy land portfolio and forward order book”.
In a trading update, the home builder said group revenue fell by 6 per cent to €608 million from €645 million in 2022 while operating profits rose to €71 million, up from €70 million.
Excluding the 2022 disposal of the East Road site in Dublin for about €63 million, which did not recur in 2023, “there was a modest increase in group revenue,” the company said.
It also noted that its headline revenue figure included a first-time contribution from its “partnerships business segment”.
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Glenveagh said its partnership developments in Ballymastone and Oscar Traynor Road in Dublin both received final planning permissions in the second half of 2023 and construction works commenced on both sites in the final quarter. “As a result, we reported our first revenue in this business segment of approximately €17 million.”
It said it expected to deliver revenue of more than €100 million from these two sites in 2024. It said it expected to commence construction on 1,300 units this year under its various partnership schemes with the Land Development Agency (LDA) and others.
“The strong performance in our partnerships business shows how much can be achieved when public and private entities work together to deliver what Ireland needs – sustainable, high-quality, energy-efficient, mixed-tenure developments that will alleviate the supply shortage,” it said.
Earnings per share increased by 5 per cent to eight cents, which the company noted was “at the top end of group guidance”.
Chief executive Stephen Garvey said: “Glenveagh is strongly positioned for a pivotal year in 2024.
“We effectively responded to the challenges at the start of 2023 by delivering on key strategic priorities and this progress provides a solid platform to deliver at significant scale this year.
“Our healthy land portfolio and forward order book means that in 2024 we will provide the keys to approximately 2,700 new homes across the business.”
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