26th Feb 2021 11:55
(Alliance News) - Glenveagh Properties PLC on Friday said challenges associated with coronavirus hurt its performance in 2020, but it expects to benefit from long-term opportunities going forward.
The Irish homebuilder said total revenue declined by 19% in 2020 to EUR232 million, as number of units build fell by 17% year-on-year to 700.
Glenveagh Properties swung to loss of EUR15.7 million compared to EUR26.7 million profit reported the year prior.
Going forward, the company said it expects 1,150 completions 2021 despite restrictions on construction due to Covid-19. Demand for housing from its customers continues to be strong, Glenveagh Properties said, and market fundamentals are in the company's favour, more so now than in prior periods.
"I believe that the current challenges have broadened the long-term opportunity for the group, with the fall-off in land transactions and commencement activity within the industry in 2020 a signal of the continuing gap between supply and demand," said Chief Executive Stephen Garvey.
"Our well-capitalised platform which delivers across three business segments with access and affordability at the heart of our offering is best placed to help address this undersupply. And our ambition remains to scale the business to 3,000 units by 2024," added Garvey.
Glenveagh Properties shares were untraded in London on Friday, last quoted at EUR0.82 each.
By Evelina Grecenko; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
Glenveagh