Home builder Glenveagh Properties has today reported higher half year revenues and profits and said it was on track to deliver up to 2,600 home completions for the full year.
Glenveagh said its revenues for the six months to the end of June jumped by 125% to €341.6m from €152.2m the same time last year, while its gross profit soared by 141% to €66.8m from €27.7m last year. Profits before tax rose to €32.5 from €1m in the first half of 2024.
The company said the strong increases were driven by enhanced Homebuilding delivery volumes and increased Partnerships construction activity.
It said that 906 units were completed in the first half of the year, up from 424 the same time last year and said it was on track to deliver about 2,600 Group completions for the full year.
Glenveagh said its Partnerships business continue to grow at scale with the completion of 339 equivalent units in the six month period, up from 130 last year. Construction activity is underway on six sites comprising over 3,900 units, it added.
It noted that Partnerships gross profit of €20m represents the segment's first material contribution at the interim stage.
The homebuilder reported land sales of more than €60m were either closed or in advanced stages of contract, which it said reflected its decision to further optimise capital employed in land and focus on sites of scale.
Planning permission was secured for more than 1,500 units in the first half of 2025 with all units for 2026 now with planning permissions granted. All units for 2027 are now planned or have active planning applications, supporting future growth and delivery, it added.
Stephen Garvey, Glenveagh's chief executive, said the first half of 2025 marks another period of successful execution against the company's long-term strategy with a focus on scaling delivery, deepening public-private partnerships, and enhancing operational efficiency through innovation.
"This is the first interim reporting period where our Partnerships segment has made a material contribution to Group profit, reflecting the scale and momentum now embedded in that part of the business. We are an established partner of choice for the State and continue to see strong demand and a growing pipeline of opportunities," the CEO said.
Mr Garvey said the company welcomed the publication of the National Development Plan in July and the renewed focus on infrastructure and planning reform.
Glenveagh's share buyback programme was expanded to €85m in May, of which about €83m has been returned to shareholders by September 23.
"In line with our capital allocation priorities and supported by strong operational performance, cash flow generation, and visibility on land sales, the current buyback programme is being further expanded to €105m," the company said today.
"Since 2021 the Group has returned approximately €400m to shareholders through a series of buybacks, resulting in an approximately 39% reduction in shares outstanding," it added.
Shares in the company were lower in Dublin trade today.
