Homebuilder Glenveagh Properties has reported a surge in revenues, profits and completions for 2024, driven by the acceleration of its Partnerships business segment.
Glenveagh Properties said its revenue for the year to the end of December rose by 43% to €869.2m from €607.9m in 2023, while profits before tax for the year soared by 107% to €113.8m from €55.1m.
The company completed a total of 2,415 housing units last year, an increase of 77% on the 1,363 completed the previous year.
It also secured planning permission for 2,487 units which it said ensures that its targeted output for this year is fully approved.
Earnings per share for the year came to 17 cent, which marked a 112% jump on earnings of eight cent in 2023 and was in line with full year guidance.
It also that during the year it had strategically expanded its land portfolio, gaining control over about 9,000 additional units across 14 sites, which will support the delivery of over 2,600-3,600 equivalent units a year up to 2029.
The company said its outlook remains “exceptionally strong”, underpinned by a resilient demand environment, clear policy visibility for the next five years and its ability to deliver the right product in the best locations.
It also said it had a positive long-term outlook for the Irish residential housing market, which was demonstrated by its forward order book, totalling €1.1 billion, an increase of 35%, compared to March 2024.
Glenveagh’s CEO Stephen Garvey said that 2024 was a landmark year for the company, defined by the successful execution of its Building Better Strategy and its agility in securing long-term growth opportunities.
“We scaled the delivery of high-quality sustainable homes, embedded innovations and efficiencies across our operations, and established Glenveagh as a preferred public sector partner,” Mr Garvey said.
“The impact of our strategy is evident in our performance and our proactive approach to fuelling future ambitions. This year, we moved decisively to expand our land portfolio in strategic locations and set up the business for sustained further success,” he said.
“Our enhanced landbank not only gives greater visibility on future homes deliveries but, alongside our integrated supply chain, grants a higher level of certainty and control over our own performance,” he added.
Stephen Garvey said the accelerated growth of its Partnerships segment, with new contracts signed and strong repeated business, has enhanced the company’s reputation as a public sector partner of choice.
“The success of this segment shows how collaboration and resource pooling between public and private sectors can drive Ireland’s response to the housing crisis. Glenveagh has built strong relationships with state agencies and stands ready to deliver more high-quality Partnership homes,” he said.
“From our perspective, we look forward to our leading role in increasing housing supply in Ireland. With an enhanced landbank, high performing and efficient teams, and a strong track record of delivery, we are confident in our ability to sustain the excellent momentum we have built, delivering for all of our stakeholders,” the CEO added.
