Housebuilder Glenveagh Properties has reported lower revenues and a bigger pre-tax loss for the six months to the end of June as it completed fewer homes due to the Covid-19 enforced closure of its sites.

Glenveagh said its total revenue for the six months fell by 19% to €37m from €45.5m the same time last year.

Its underlying loss before tax came in at €7m compared to a loss of €3.8m in the first half of 2019.

During the six month period, the company sold a total of 123 new homes, down from 158 the same time last year.

But the company said it is confident it can deliver about 650 units in 2020, assuming no further Covid-19 restrictions are introduced. 

It also said that after the implementation of enhanced health and safety protocols, all the group's 18 construction sites are now operational and it plans to open more sites in the second half of the year. 

It said its productivity is now about 80% of pre-Covid-19 levels and its existing open sites can deliver more than 4,900 homes. 

Glenveagh said its average selling price for the six month period was €300,000, up from €287,000 the same time last year. 

It also said it was boosted by its early efforts to make the customer experience more accessible.

It enhanced its digital offering and facilitated customers to complete their entire home buying journey remotely or in a contactless manner with its agents providing virtual assistance via video calling.

"The continued strong demand from our private customers on the group's starter-home developments and the robust performance of the private rental sector sector during the period is encouraging," Glenveagh's chief executive Stephen Garvey said.

"Private reservation rates are progressing well and are +213% year on year for June to August," he added.

"Recent experience in the market has reaffirmed our belief that the group's strategic focus on starter-homes for sale, building quality affordable PRS product in sustainable rental locations and placemaking with local authorities through partnership schemes, continues to hold the best proposition for the Irish residential market," Stephen Garvey said. 

"Our ambition remains to scale the business to 3,000 plus units in a prudent but expedient manner," he added.