Thursday 23 January 2020

Glenveagh hails 238pc revenue surge amid soaring house prices

Positive: CEO Stephen Garvey
Positive: CEO Stephen Garvey
Ellie Donnelly

Ellie Donnelly

One of Ireland's biggest housebuilders, Glenveagh, expects its revenue for last year to hit €284m, up 238pc on 2018.

In a trading update ahead of its full-year results, the group said it sold 844 homes in 2019, an increase of 207pc on the prior year.

The average selling price per home increased to €332,000 last year, from €287,000 during 2018.

The company said the rise in price reflected "significant deliveries" from the group's starter-home schemes and the sale of 90 units at Herbert Hill, Dundrum in Dublin.

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Glenveagh finished the year with 240 housing units signed or reserved for this year.

Cost controls and scale helped deliver an improved unit sales gross margin for the year of approximately 18pc.

CEO Stephen Garvey said: "In our second full year of trading, it has been another strong performance for the group both operationally and financially as we continue to meet our targets, delivering three times the number of unit completions from one year ago."

Looking to this year, Glenveagh said the market backdrop "remains favourable", with significant institutional and private demand for housing, "particularly starter homes, evident across the group's selling sites".

Shares in the company were up 1.85pc in afternoon trading yesterday. In 2017, the firm raised €550m in its initial public offering.

Glenveagh will release full-year results on February 28.

Irish Independent

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