Residential builder Glenveagh Properties has reported a narrowing of losses for 2018 as its revenues jumped after it exceeded its key sales targets.
Glenveagh reported a net loss of €3.5m for 2018 after posting a loss of €51.78m for last five months of 2017 - when the company first floated.
Revenues for 2018 rose sharply to almost €84.2m and included units sales totalling €79m and land sales of €5m.
Glenveagh sold 275 residential units last year and has a landbank capable of facilitating a further 12,600 units in the coming years.
It said it was actively building on 14 sites during 2018 with over 1,100 units under construction during the period.
It is currently selling from eleven sites with 451 units sold, signed or reserved by March 5.
Glenveagh also said today that it has exchanged contracts to acquire two sites off-market for about €50m.
Known as "Project Arrow" and located at Leixlip and Newbridge in Co Kildare, the properties currently have full planning permission for 793 units.
Glenveagh's co-founder and CEO Justin Bickle said the company exceeded its key targets in 2018, selling 275 homes in its first full year of trading, against a goal of 250.
Mr Bickle said the company remains very confident about the residential market backdrop in Ireland, as well as its ability to execute on its business plan.
"2019 is off to a fast start, after two months of trading we already have 451 homes signed, closed or reserved while the Project Arrow acquisition announced today proves that our team are able to source and execute accretive land acquisitions off-market," the CEO added.
He said the company's market backdrop remains "very favourable" with significant demand for housing, particularly starter-homes.
Shares in the company moved higher in Dublin trade today.
