13th Mar 2025 12:32
(Alliance News) - Glenveagh Properties PLC on Thursday said profit doubled during 2024, driven by revenue growth within its Surburban and Partnerships arms.
The Maynooth, Ireland-based housebuilder said pretax profit for 2024 was EUR113.8 million, more than doubling from EUR55.1 million in 2023.
Revenue improved 43% to EUR869.2 million from EUR607.9 million, including revenue for its Partnerships arm which was more than seven times higher at EUR120.0 million from EUR17.0 million.
Suburban revenue grew 34% to EUR631.3 million from EUR470.8 million, while Urban revenue declined 1.8% to EUR117.9 million from EUR120.1 million.
"2024 was a landmark year for Glenveagh, defined by the successful execution of our Building Better Strategy and our agility in securing long-term growth opportunities. We scaled the delivery of high-quality sustainable homes, embedded innovations and efficiencies across our operations, and established Glenveagh as a preferred public sector partner," said Chief Executive Officer Stephen Garvey.
He continued: "The accelerated growth of our Partnerships segment, with new contracts signed and strong repeated business, has enhanced our reputation as a public sector partner of choice."
Looking ahead, Glenveagh guides for earnings per share at around 19.5 euro cents for 2025, against 17.0 cents in 2024 and 8.0 cents in 2023.
"The Programme for Government's target is to deliver 300,000 homes by the end of 2030," CEO Garvey added. "Critical to meeting this target will be the availability of adequately zoned land and sustained public sector supports and investment in necessary infrastructure. A policy and planning environment that advances these factors will be important in attracting the necessary private capital and creating efficiencies that stabilise costs, all of which support the greater supply of housing across all tenures.
"From our perspective, we look forward to our leading role in increasing housing supply in Ireland. With an enhanced landbank, high performing and efficient teams, and a strong track record of delivery, we are confident in our ability to sustain the excellent momentum we have built, delivering for all of our stakeholders."
Shares in Glenveagh Properties were down 1.0% at EUR1.52 in London on Thursday afternoon. The stock remains up 22% over the past twelve months.
By Emily Parsons, Alliance News reporter
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