Glenveagh sees FY revenues jump 36% to €649m

Glenveagh Properties has revealed strong revenue growth in FY 2022 of 36% to €649m (£573m), driven by its Suburban business segment. In a trading update for the year ended 31 December 2022, the developer reported suburban revenue of €454m (£401m), primarily comprising 1,354 unit sales and the suburban Average Selling Price of approximately €330k (£291k). The group’s 1,354 suburban units closed was up 50% on the 902 units closed in FY 2021 and 90% ahead of the 712 suburban units closed in FY 2019. Meanwhile, it added that its Urban transactions completed during the year are expected to generate overall revenue of over €310m (£274m). It also confirmed overall gross margin approaching 17% (FY 2021: 17.4%), with over 18% gross margin from suburban units (FY 2021: 17.5%). Gleveagh said that it expects net debt of less than €15m (£13.2m). CEO Stephen Garvey said: "We made very good progress across the business in 2022 and we continue to focus on scaling our operations to deliver high quality, sustainable homes. We have delivered strong suburban unit growth and have actively de-risked our urban land portfolio. “We have also advanced our off-site manufacturing capabilities and look forward to using our sustainable and innovative manufacturing technologies to deliver for Irish homebuyers in the years to come. Our capital allocation framework has also enabled us to return approximately €145m to shareholders during the year.” He added: “The strong underlying demand in the Irish market continues to be driven by a combination of a robust economic environment, a fast-growing population and increasing levels of inward migration. This is putting further pressure on what is an already undersupplied housing market. Addressing this significant undersupply continues to be obstructed by dysfunctional planning policy. “The Government’s demand-side initiatives have been supportive most notably for first time buyers. The increased recent focus on planning system reform is also to be welcomed and is an important first step to alleviate near-term planning gridlock. However, we would now strongly encourage that planning policy reform is expedited to solve the longer term structural supply issues the sector faces."

Glenveagh sees FY revenues jump 36% to €649m

Its Urban transactions completed during the year are expected to generate overall revenue of over €310m (£274m).

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