6th Mar 2019 11:37
LONDON (Alliance News) - Glenveagh Properties PLC on Wednesday expressed a confident outlook for the year ahead after slashing its loss in 2018 as revenue multiplied.
The stock was trading 3.5% higher on Wednesday at EUR0.87 per share.
The Irish homebuilder said pretax loss narrowed significantly to EUR4.0 million in 2018 from EUR51.8 million reported a year earlier, as revenue jumped to EUR84.2 million from EUR1.4 million.
The total unit completions for the year were 275 units, with over 90% of these units coming from developments aimed at first-time buyers.
Glenveagh's administrative expenses pre-exceptional items of EUR17.4 million, up from EUR4.2 million in 2017, reflect the company's continued investment in its "central functions" to deliver medium-term operational and financial targets, it said.
The exceptional costs of EUR400,000 incurred in the year relate to costs and fees of the company's equity placing in August 2018.
Glenveagh said it has also invested heavily in work in progress with a significant operational ramp up from five active sites in the prior year to 14 in 2018.
"2018 was a very strong execution year at Glenveagh," said Co-Founder & Chief Executive Justin Bickle. "We remain very confident about the residential market backdrop in Ireland, as well as our ability to execute on our business plan."
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