Homebuilder Glenveagh Properties said today it was on track to deliver its full year earnings per share guidance.
In a trading update for the six months to the end of June, Glenveagh said that over 800 units of its 2,700 full year target have been completed, up from 333 the same time last year.
The company reported half year revenues of about €150m, down from the €172m in revenues posted the same time last year.
It said that suburban completions of 294 units were impacted by the scheduling of closings, which are now occurring early in the third quarter.
It added that its urban performance reflected the completion of 510 units from existing forward fund transactions, where approximately 90% of revenue has already been recognised in prior periods.
Glenveagh said that partnership sites comprising over 2,000 units now operating at scale, with revenue and profit to accelerate in the second half of the year due to strong construction progress.
A third Partnerships contract is now subject to final legal agreement, and the company said it was advanced negotiations on a fourth agreement, which combined will add about 1,000 units to its Partnerships pipeline.
The homebuilder sait it was seeing strong planning momentum with permissions granted for approximately 1,300 units in the first six months of the year, with over 95% of units targeted for 2025 now with planning permissions granted.
It said its strong forward order book, operational momentum, and continued progress in manufacturing underpins its full year EPS guidance which anticipates a more than doubling of EPS to approximately 17 cent, up from 8 cent in 2023.
Glenveagh's chief executive Stephen Garvey said the company continues to make excellent progress across the business and are firmly on track to meet objectives for the year.
"The targeted industry initiatives implemented by the Government via Housing For All has provided much momentum to new home output across the market delivering approximately 35,000 units per annum and strong commencement growth in 2024," Mr Garvey said.
"Yet as we continue to scale up our activities and deliver more homes at pace, it is more important than ever that we build on the initiatives already in place and implement the structures required for the market to deliver over 50,000 units per annum," he stated.
"We know the enormous potential there is for advancing quality housing delivery through collaborative State and private sector projects, working in tandem with shared objectives, and the collective deployment of resources and capital," he added.
