Homebuilder Glenveagh Properties has reported a 50% increase in home sales for the year to the end of December as its revenues and profits rose.

Revenues for 2022 increased by 35% to €644.7m from €476.8m, while profits before tax rose by 38% to €63m from €45.7m the previous year.

It said it closed the sale of 1,354 suburban homes, up 50% on the 902 units in 2021 and 90% ahead of the 712 suburban units sold in 2019.

The company noted that urban transactions completed during the year are expected to generate overall revenue of over €310m. Urban assets now comprise approximately 13% of the group's total landbank.

The homebuilder said it is active on 21 suburban and urban construction sites, with an additional five new sites to open during this year for first deliveries in 2024.

During the year, Glenveagh said it managed to mitigate the impact of build cost inflation to a level of 8%-9% through effective use of its scale and long-term supply chain commitments.

It ended the year with a landbank value €458.5m, down from €562.7m in 2021.

Stephen Garvey, Glenveagh's chief executive, said the company is in a very strong position to continue scaling its business, enhancing its profitability and delivering even more of the high-quality, sustainable, affordable homes that Ireland urgently needs.

"We made excellent progress in 2022 in driving strong growth in our key suburban business, strengthening our partnerships business and de-risking our urban land portfolio," Mr Garvey said.

"We have also demonstrated rigorous control of our costs, significant innovation in acquisitions to enhance our supply chain, and an optimised capital management programme that has returned over €250m to shareholders in two years," he added.

But he said the company is capable of building many more new homes if the Government matches its ambitions on much-needed planning reform with the decisive and meaningful action that Ireland's accommodation crisis warrants.

"It deserves credit for the effectiveness of its measures supporting first-time buyers, but this crisis cannot be ended without a significant ramp-up in supply across the industry," Mr Garvey said.

"The industry needs correct policy decisions and a planning framework that is designed for the types of homes that people want - and one which does not undermine the commercial viability of delivering more of these types of homes," he added.

Shares in the builder were higher in Dublin trade today.