Homebuilder Glenveagh Properties said it achieved “milestone growth” as its order book grew to €1.4 billion and the company remained on track to complete 2,700 units this year.
Glenveagh said it will appoint a new chief financial officer after Michael Rice said he would step down. Chief strategy officer Conor Murtagh has been named as his successor, with Mr Rice officially leaving his board role at the end of the year. He will stay on with the company into next year to oversee a smooth transition.
In its results for the first half of the year, Glenveagh pointed to growing momentum in its business. More than 800 of the 2,700 units targeted for completion this year were delivered in the first half of the year, more than double the number it achieved in the same period in 2023.
Suburban completions stood at 294 units in the first half, down on the prior year, but numbers have have accelerated strongly in the third quarter and the company is targeting 2,215 units for delivery this year and in early 2025. Urban completions were 510 units from existing forward fund transactions, with the majority of the revenue already been recognised in prior periods.
Permissions have been granted for about 1,500 units this year, and Glenveagh said more than 95 per cent of units targeted for next year have secured the approvals needed. A third partnerships contract has been completed for a site adjacent to Balmoston, and site development works have begun.
Glenveagh said there was potential to accelerate land investment plans, which could provide more than 6,000 units and partnership agreements on adjacent sites for about 2,000 units.
Its suburban gross margin is expected to be more than 20 per cent this year, up from an underlying 19.3 per cent margin in 2023.
Full year guidance for earnings per share expects it to double to around 17 cent for the full year, with a 15 per cent target for return on equity. Net debt is expected to fall to below €200 million by the end of the year, including the commencement of its €50 million share buyback programme that is due to start this week.
Chief executive Stephen Garvey said the results indicated the the business remains on a “solid trajectory”.
“The momentum we’ve seen in new home commencements and the growing output across the industry are promising indicators that Ireland can achieve the necessary increase in housing supply,” he said. “It is crucial that we build upon the foundations laid by current initiatives to reach the next phase of output growth - delivering over 50,000 units per annum.”
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