Dublin listed homebuilder Glenveagh Properties has reported lower total revenues for 2020 as it completed 700 home sales, down from 844 in 2019. 

In a trading update for the year to the end of December, Glenveagh said that total revenue for the year was about €232m, down from €284m in 2019.

Glenveagh finished the year with 544 core units contracted or reserved for 2021, which it said provided further evidence of the strong demand and maturing sales profile within the business.

The company said its average selling price last year was €311,000, down from €321,000 in 2019. It said that prices reflected the group's focus on suburban starter-home schemes.

Glenveagh is accelerating sales of its remaining non-core, high-end, private customer developments to maximise cash generation while maintaining its focus on starter homes, which will deliver more than €100m of net cash flow by the end of the third quarter of 2021. 

Glenveagh's chief executive Stephen Garvey said that on what started out as a challenging year, the company concluded 2020 with considerable momentum and strong visibility on its target unit deliveries of 1,150 units for 2021. 

"Our focus on prioritising our people, customers and the communities in which we operate, leaves the group well placed to deliver on our ambitious medium-term growth objectives," he added.

Under new Covid-19 restrictions due to be announced today, most construction sites will close except for social housing and essential public works.