Glenveagh Properties H1 profits and revenues sink

Homebuilder Glenveagh Properties has reported a sharp drop in half year profits and revenues but said it was upgrading its total home completion guidance for the year to more than 2,900 units.

Glenveagh’s after tax profits for the six months to the end of June slumped by 97% to €1m from €32.5m, while its revenues sank 30% to €239.7m from €341.6m.

Glenveagh said its average selling price rose to about €402,000 from €377,000 the same time last year due to the higher proportion of non-standard homes on portions of sites bought in late 2024 where planning was secured by previous owners.

Average selling prices are expected to be approximately €380,000 for 2026.

The company said it now expects to complete more than 2,900 units in 2026, up from it earlier guidance of 2,750. This inclues over 1,700 units (up from 1,600) in its Homebuilding division and about 1,200 units (previously 1,150) in its Partnerships business division.

It added that its combined 2026 and 2027 homebuilding deliveries remains at approximately 3,600 units.

The homebuilder said its guided second half weighted delivery profile is now fully underwritten with its closed and forward order book at approximately €1.8 billion, up 29% year-on-year.

Meanwhile, construction activity accelerated materially during the period, with year-to-date construction spend up 34%.

“This investment supports completions through H2 2026 and into 2027, and is expected to convert materially into closings and cash during the second half,” it added.

Revenue from Glenveagh’s homebuilding division fell to €63.9m from €218.4m a year earlier, with the company expecting more of its completions to take place during the traditionally busier second half of the year.

Revenue from its partnerships division increased to €175.8m, from €123.2m.

Glenveagh’s chief executive Stephen Garvey said the first half of 2026 reflects continued disciplined execution of the company’s long-term strategy.

“Our Homebuilding order book is well-positioned, supported by new site launches delivering impressive sales rates with robust demand across all our existing selling developments,” the CEO said.

“The Partnerships business continues to grow at scale, cementing Glenveagh as the partner of choice for the State in delivering the homes Ireland needs,” he said.

“With the visibility our order book and construction progress provide, we are upgrading full-year deliveries to more than 2,900 equivalent homes and EPS to at least 21 cent, whilst doubling our buyback to €100m,” he added.

The Glenveagh CEO noted that Ireland’s housing delivery system is beginning to move more decisively, supported by a strengthening policy backdrop.

“Sustaining that momentum will require continued progress on zoning, servicing capacity and enabling infrastructure, and we will continue to engage constructively to help translate policy intent into homes on the ground,” he stated.

“Looking ahead, our focus is on converting the order book into completed homes at pace. We expect the group will be highly cash generative in the second half, supporting further returns to shareholders, reflected in the Board’s decision to double our buyback to €100m,” he said.

“Alongside this, we continue to invest in our manufacturing and innovation capability, sharpening efficiency and affordability so that we keep delivering the best value product for our customers,” he added.