By John Burns
Copyright independent
In a trading update issued this morning, the Dublin-listed company says it is on track to deliver approximately 2,600 units for the full year.
Glenveagh reported revenues of €341.6m, which was a 124pc increase year-on-year, and gross profit of €66.8m, up from €27.7m in the first half of 2024.
There was revenue of €123.2m from its Partnerships segment, which sells finished housing units to the State, including the Land Development Agency. A pipeline of other Partnership projects, involving over 3,900 units being built on six sites, is expected to support more than €400m in revenues over the medium term.
Chief executive Stephen Garvey said: “This is the first interim reporting period where our Partnerships segment has made a material contribution to group profit, reflecting the scale and momentum now embedded in that part of the business. We are an established partner of choice for the State and continue to see strong demand and a growing pipeline of opportunities.”
Its homebuilding segment completed 566 units at an average selling price of €377,000.
The group’s full order book stands at approximately €1.4bn, same as at the same point last year, which it says provides strong visibility on deliveries for the remainder of the financial year and into next year.
Land sales of more than €60m have either been completed or are at an advanced stage. It has planning permission for more than 1,500 units, and says all units for its next financial year now have planning approval. All units for its 2027 financial year are either planned or are at application stage.
The material improvement in operating cash flow in the first half of this year reflected the increased completions, and greater contribution of the Partnerships segment, it said.
Net debt of €229.9m was slightly lower than at the same point last year, which Glenveagh says reflected “prudent cash management and disciplined capital deployment”.
A share buyback programme was expanded to €85m in May, of which about €83m had been returned by the start of this week. Glenveagh said the current buyback programme is being expanded to €105m, and points out that over the last four years it has returned about €400m to shareholders through a series of buybacks.
Mr Garvey also said: “The benefits of our early investment in innovation and standardisation are now visible in the enhanced margin profile. The advantages of our modern methods of construction are being felt across the two business segments. Our ongoing investment in next-generation building approaches enables us to deliver greater affordability for customers and supports greater value creation for shareholders.”
Davy said that Glenveagh Properties had delivered a much improved first half relative to 2024, with strong margins achieved across the business. “The company has a current order book of €1.4bn, up from €1.23bn in May and in line with the same point last year,” said its analyst Colin Sheridan. “This provides Glenveagh with visibility for the rest of 2025 and into the early months of 2026.”
