DUBLIN - Glenveagh Properties plc, an Irish homebuilding company, announced a significant increase in its 2024 earnings, with revenue and profits soaring due to its strategic focus on innovation and efficient delivery in the suburban housing market and the acceleration of its partnerships business. The full-year trading update for the year ended December 31, 2024, was released today, showing a 112% rise in earnings per share (EPS).
The company's revenue grew by 43% to approximately €869 million, up from €608 million in 2023. Gross profit followed suit, increasing by 63% to €184 million. A notable improvement in gross margin to 21.2%, up from 18.5% in the previous year, reflects the company's cost management and operational efficiency.
Glenveagh's partnerships segment contributed significantly to the company's growth, with revenue of about €120 million compared to €17 million in 2023. The company also reported a robust forward order book valued at €950 million, representing a 48% increase from the previous year.
The company's proactive land acquisition strategy has enabled it to secure approximately 9,000 units across 14 sites, primarily for suburban housing, at an attractive cost per unit. This move positions Glenveagh to sustain its unit delivery rate through to 2029 without further land investment.
In terms of capital allocation, Glenveagh initiated a €50 million share buyback program in September 2024, which has since been increased to €65 million. This decision underscores the company's confidence in its financial health and future cash generation capabilities.
Looking forward, Glenveagh anticipates continued revenue and profit growth in 2025, with EPS expected to reach approximately 19.5 cents. The company's order book, planning permissions, and integrated manufacturing operations provide a solid foundation for this growth. Moreover, Glenveagh's partnerships business is expected to account for a higher proportion of revenues from 2025.
Conor Murtagh has taken over as Chief Financial Officer from Michael Rice as of January 1, 2025, as part of the company's strategic planning.
Stephen Garvey, CEO of Glenveagh, expressed confidence in the company's trajectory, highlighting the significant increase in homes delivered and the potential for public-private partnerships to address the country's housing needs effectively.
The information in this article is based on a press release statement from Glenveagh Properties plc.
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