Glenveagh doubles housing delivery as revenue soars to €340m

Irish property developer said performance was driven by a growing pipeline of state contracts 

Stephen Garvey, Chief Executive at Glenveagh Properties. Photo Chris Bellew / Fennell Photography.

Irish homebuilder Glenveagh said it is on track to deliver 2,600 completions by the end of the year after doubling its output in the first six months of 2025.

In a trading update on Thursday, the property developer reported 900 completions between January and June, up from just 424 in the same period last year, which it said reflects continued momentum and a "strong execution" of the group's long-term delivery strategy. 

The company's revenues soared by over 120% to €341.6m, while gross profit more than doubled to €66.8m. Glenveagh said this was driven by enhanced homebuilding delivery volumes and increased partnership construction activity. 

The Group’s closed and forward order book stands at approximately €1.4bn, which is unchanged from the period last year, providing "strong visibility" on deliveries for the remainder of 2025 and into early 2026.

Glenveagh also reported land sales of more than €60m that are either closed or in advanced stages of contract, which it said reflected the Group's decision "to further optimise capital employed in land and focus on sites of scale."

The homebuilder has secured planning permission for more than 1,500 units in the first six months of 2025, with all units for 2026 now with planning permissions granted. In addition, all units for 2027 are now planned or have active planning applications, supporting future growth and delivery, Glenveagh added.

The Group’s share buyback programme was expanded to €85m in May 2025, of which approximately €83m has been returned to shareholders as of September 23, the homebuilder said.

In line with its capital allocation priorities and supported by its strong operational performance, Glenveagh said the current buyback programme is being further expanded to €105m. 

Since 2021 the Group has returned approximately €400m to shareholders through a series of buybacks, resulting in an approximately 39% reduction in shares outstanding.

"The first half of this year marks another period of successful execution against Glenveagh’s long-term strategy with a focus on scaling delivery, deepening public-private partnerships, and enhancing operational efficiency through innovation," said CEO Stephen Garvey.

"These strategic pillars continue to deliver the strong performance we expect – with revenue, profitability and margin all in line with guidance."

"We are an established partner of choice for the State and continue to see strong demand and a growing pipeline of opportunities."

Mr Garvey added that the company was "uniquely positioned, with strong visibility on future delivery both for the balance of this year and future years." 

"We remain confident in our ability to deliver sustainable value creation.”

Looking forward, Glenveagh reiterated its full-year earnings per share guidance of 19.5% and displayed continued confidence in delivering approximately 1,500 homebuilding units, around €400m in Partnerships revenue, and total equivalent home deliveries of approximately 2,600 units.