Glenveagh Properties posts 50% increase in home sales
Homebuilder Glenveagh Properties has reported a 50% increase in home sales for the year to the end of December as its revenues and profits rose. Revenues for 2022 increased by 35% to €644.7m from €476.8m, while profits before tax rose by 38% to €63m from €45.7m the previous year. It said it closed the sale of 1,354 suburban homes, up 50% on the 902 units in 2021 and 90% ahead of the 712 suburban units sold in 2019.
The company noted that urban transactions completed during the year are expected to generate overall revenue of over €310m. Urban assets now comprise approximately 13% of the group’s total landbank. The homebuilder said it is active on 21 suburban and urban construction sites, with an additional five new sites to open during this year for first deliveries in 2024. During the year, Glenveagh said it managed to mitigate the impact of build cost inflation to a level of 8%-9% through effective use of its scale and long-term supply chain commitments. It ended the year with a landbank value €458.5m, down from €562.7m in 2021.
Stephen Garvey, Glenveagh’s chief executive, said the company is in a very strong position to continue scaling its business, enhancing its profitability and delivering even more of the high-quality, sustainable, affordable homes that Ireland urgently needs.
