Surge in state contracts sees Glenveagh posts record revenue of €869m

Glenveagh CEO Stephen Garvey. Fennell Photography 2022

Homebuilder Glenveagh has reported a "landmark year" with turnover in 2024 reaching a record level of €869m.

Up by 43% on the previous year, the company's revenue growth was largely underpinned from its sales of homes to the State, which last year raised €120m, up from just €17m in 2023. 

The group's profits before tax for the year soared by 107% to €113.8m from €55.1m in 2023. 

CEO Stephen Garvey welcomed a "landmark" year for the company, adding: "This year, we moved decisively to expand our land portfolio in strategic locations and set up the business for sustained further success.

“Our enhanced landbank not only gives greater visibility on future homes deliveries but, alongside our integrated supply chain, grants a higher level of certainty and control over our own performance.” 

Glenveagh bought 14 sites in 2024, with deals worth a combined €285m and holding capacity for approximately 9,000 additional homes. It also said the land will support the delivery of between 2,600-3,600 units per annum through to 2029.

The company said it “accelerated” the growth of its partnerships unit, which sells homes to the state, according to the CEO, ”with new contracts signed and strong repeated business”.

Last month, the company announced a new forward funding deal with the Land Development Agency to deliver 337 new homes in Cork’s docklands, making Glenveagh active across six sites for the state.

“The success of this segment shows how collaboration and resource pooling between public and private sectors can drive Ireland's response to the housing crisis," Mr Garvey said.

“Glenveagh has built strong relationships with state agencies and stands ready to deliver more high-quality Partnership homes.” 

Last year, the company completed the construction of 2,415 homes, compared to 1,363 the previous year. In addition, it secured planning permission for approximately 2,487 units, ensuring that all targeted output for 2025 is fully approved.

In its forecast for the current year, Glenveagh said demand for homes “remains exceptionally strong” with the company's forward order book totalling €1.1bn, up 35% compared to March 2024.

Glenevagh’s full-year report added that the company is expected to exceed to deliver 1,500 homes deliveries in 2025.

Looking forward, Mr Garvey said that the government must now focus on zoning adequate amounts of land in order to meet its housing targets, which would in turn attract private capital to the market.

“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.”