Glenveagh Properties sees 50% increase in sales driving increase in profits

Pre-tax profits increased 38% from €45.7m to €63m. 

CEO of Glenveagh Properties Stephen Garvey said the company can build "many more new homes" if the planning system was reformed. 

Housing developer Glenveagh Properties has seen its pre-tax profits increase to €63m in 2022 driven by a 50% increase in suburban home sales, new results show.

In 2022, Glenveagh sold 1,354 suburban properties in 2022, up from the 902 recorded in 2021, which resulted in a 35% increase in revenue from €476.8m to €644.7m in 2022. The company’s earnings-per-share also increased to 7.6c per share from 4.5c per share.