Housebuilder Glenveagh suffers decline in revenue and output after ‘challenging year’

Cathal Mooney, Head of Health & Safety, and Stephen Garvey, Glenveagh CEO.

Irish house-building firm Glenveagh Properties said it generated revenues of approximately €232m last year, down nearly 19% on the 12 months prior.

The Dublin listed homebuilder completed 700 home sales in 2020, down from 844 in 2019.

The group generated core revenue of €208 million last year, which it says was primarily from 665 unit sales, with the average selling price €311,000, down from €321,000 in 2019.

Gleanveagh says this reflects the group’s focus on suburban starter-home schemes.

The group finished the year with 687 units contracted or reserved for 2021.

Glenveagh CEO Stephen Garvey said that what started out as a challenging year ended with “considerable momentum” for the group, with strong visibility on target unit deliveries of 1,150 units for 2021.

Chief Executive Stephen Garvey said it has been a challenging year

“Our focus on prioritising our people, customers and the communities in which we operate, leaves the group well placed to deliver on our ambitious medium-term growth objectives," he said. 

“Glenveagh has entered 2020 in a strong position, with 240 units either signed or reserved, approximately 19% ahead of the same point last year,” he added.

Last month Glenveagh announced plans to deliver 3,000 new homes at sites in Dublin, Cork, Kilkenny and Kildare.

Goodbody analyst Dudley Shanley said Glenveagh “continues to offer value operating in a fragmented housing market which is chronically undersupplied” adding that the group is very well placed to take advantage of the strong demand backdrop.

Construction sites are expected to close for the remainder of the month under new Covid-19 restrictions set to be signed off on by the Government today.