Homebuilder Glenveagh generated record revenue in 2024, buoyed by its suburban sales and partnerships.
The company said it was a “landmark” year, with 2,415 homes completed. Permissions have already been secured for 2025’s output, with 2,487 approved.
But it called for the policies to help support the delivery of housing targets, with availability of adequately zoned land and infrastructure supports a crucial factor in building homes.
In the year ended December 31st 2024, Glenveagh recorded €869 million in revenue, up from €608 million a year earlier. The group said this was due to efficient unit delivery in its suburban business and an acceleration of its partnerships business, with the latter revenue surging from €17 million in 2023 to €120 million.
Gross margin was 21.2 per cent, while generated earnings per share was 17 cent, up 112 per cent.
Net debt was reduced to approximately €179 million, from €244 million in the first half of the year.
Glenveagh also strategically expanded its land portfolio, which gives it control over approximately 9,000 additional units across 14 sites.
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“2024 was a landmark year for Glenveagh, defined by the successful execution of our Building Better Strategy and our agility in securing long-term growth opportunities,” chief executive Stephen Garvey said. “We scaled the delivery of high-quality sustainable homes, embedded innovations and efficiencies across our operations, and established Glenveagh as a preferred public sector partner.”
Looking ahead, Glenveagh said its outlook was “exceptionally strong”, supported by resilient demand and a clear policy visibility for the next five years.
Earnings per share guidance is approximately 19.5 cent, Glenveagh said. The company expects to deliver more than 1,500 units during the year, with a forward order book rising 35 per cent to a total of €1.1 billion.
“The Programme for Government’s target is to deliver 300,000 homes by the end of 2030. Critical to meeting this target will be the availability of adequately zoned land and sustained public sector supports and investment in necessary infrastructure,” said Mr Garvey. “A policy and planning environment that advances these factors will be important in attracting the necessary private capital and creating efficiencies that stabilise costs, all of which support the greater supply of housing across all tenures.”
