Housebuilder Glenveagh reports drop in revenue but continues to benefit from chronic demand

Glenveagh said it expects to generate strong revenue and profit growth across all business segments this year driven by a “healthy” portfolio and forward order book.

Stephen Garvey, CEO and Michael Rice, CFO Glenveagh. Pic: Fennell Photography 2022

Housebuilder Glenveagh reported a dip revenue last year following the disposal of its East Road site for approximately €63m, however the developer was boosted overall by chronic demand for housing.

In a trading update, the company posted revenue of €608m for last year, a 6% drop compared to €645m in the previous year, while operating profit was approximately €71m during the same period, up marginally from €70m.