7th Jan 2020 10:15
(Alliance News) - Irish housebuilder Glenveagh Properties PLC said Tuesday it expects revenue for 2019 to more than triple due to a strong sales performance and higher selling prices.
For 2019, Glenveagh is set to report revenue at EUR284 million versus EUR84 million the year before.
The sharp revenue growth is largely due to unit sales more than tripling in the year, coming up to 844 unit sales compared to 275 in 2018, as well as a higher average selling price of EUR332,000 from EUR287,000.
Looking ahead, Glenveagh said it has substantially derisked its 2020 construction targets, with largely fixed costs and forward sales in place. The company noted a favourable market backdrop, with significant institutional and private demand for housing, particularly starter homes.
"In our second full year of trading it has been another strong performance for the group both operationally and financially as we continue to meet our targets, delivering three times the number of unit completions from one year ago. We have completed our net investment in land, grown our operations consistent with our business plan and remain focused on driving further return on capital improvements as the business continues to scale," said Chief Executive Officer Stephen Garvey.
Glenveagh Properties will publish its annual results on February 28.
Shares in Glenveagh Properties - which is based in Maynooth, Ireland - were up 1.9% at EUR0.88 on Tuesday in London.
By Dayo Laniyan; [email protected]
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