Glenveagh Properties plc ("Glenveagh" or the "Group") is today issuing a trading update for the year ended 31 December 2024 ahead of the publication of its full-year results on Thursday, 13 March 2025.
FY 2024 Performance
- Delivered strong financial and operational performance in 2024, generating record revenue of €869m (2023: €608m), driven by efficient Suburban unit delivery and the acceleration of the Partnerships business segment.
- Improved group gross margin to 21.2% (FY 2023: 18.5%), reflecting the benefits of our long-term commitment to innovation, standardisation, and strategic focus on large-scale sites with strong execution.
- Generated EPS of 17 cent, a 112% increase and in line with full-year guidance.
- Completed 2,415 units (2023: 1,363) and secured planning permission for 2,487 units ensuring that all targeted output for 2025 is fully approved.
- Achieved a 94% customer satisfaction rating and secured recurring business with state institutions, demonstrating the high quality of homes delivered.
- Demonstrated significant growth in the Partnerships segment, recording revenue of €120 million (2023: €17 million).
- Commenced construction at Cork Docklands following the completion of a forward-fund transaction for 337 units with the LDA in February 2025. The transaction represents the sixth active project for Glenveagh’s expanded Partnerships division, following the successful completion of three additional partnerships in 2025, including the sale of 139 apartments at Barn Oaks, Dublin announced in January.
- Strategically expanded our land portfolio, gaining control over approximately 9,000 additional units across 14 sites, which will support the delivery of over 2,600-3,600 equivalent units per annum through to 2029, with €215m of €285m spent to date1.
- Produced 2,030 timber-frame and light-gauge steel units in our off-site manufacturing business, NUA, with capacity to support more than 2,500 homes per annum. Pre-manufactured value to increase materially in future periods following the signing of an exclusive perpetual licence to produce a low-rise integrated external wall system at the Group’s existing facilities from 2027.
- Sustainability progress in emissions reduction, biodiversity, and inclusion reflects a strategy that lowers costs, meets customer demand, and secures long-term success.
- Reduced net debt to approximately €179m (H1 2024: €244m) reflective of strong cash generation in H2 notwithstanding significant investment in land in the fourth quarter.
- Achieved Return on Equity (ROE) of 14.2% in 2024, (FY:2023 7.3%), driven by robust growth, supported by operational efficiencies and a disciplined but agile approach to capital allocation.
Outlook
- The outlook for Glenveagh remains exceptionally strong, underpinned by a resilient demand environment, clear policy visibility for the next five years, and our ability to deliver the right product—principally high-quality, own-door housing—in the best locations.
- Continued confidence for FY 2025, with EPS guidance of approximately 19.5 cent underpinned by a leading land portfolio, strong forward order book, planning permissions in place, continued standardisation, and demand for smaller non-core land parcels.
- Positive long-term outlook for the Irish residential housing market demonstrated by the Group’s forward order book, totalling €1.1 billion, an increase of 35%, compared to March 2024.
- Expect to exceed 1,500 Homebuilding unit deliveries in 2025, setting the business on a trajectory for incremental year-on-year increases, with approximately 1,900 Homebuilding units anticipated in 2027.
- Further projects with the public sector anticipated for the Partnerships business segment, given Glenveagh’s proven experience and ability to deliver at scale. Enlarged Partnerships segment to represent a materially higher proportion of Group sales in 2025 with recurring annual revenue of approximately €400m anticipated with the potential for further revenue growth as the state pipeline evolves.
- Reductions in our landbank investment through unit delivery are expected to be complemented by non-core site sales exceeding €100 million over 2025 and 2026 as the Group further optimises its portfolio.
- Disciplined and balanced capital allocation approach, with focus on value creation and shareholder returns via the ongoing €65 million share buyback programme. A further update on capital allocation will be provided in the Group’s AGM trading statement on 22 May.
CEO Stephen Garvey commented:
"2024 was a landmark year for Glenveagh, defined by the successful execution of our Building Better Strategy and our agility in securing long-term growth opportunities. We scaled the delivery of high-quality sustainable homes, embedded innovations and efficiencies across our operations, and established Glenveagh as a preferred public sector partner.
The impact of our strategy is evident in our performance and our proactive approach to fuelling future ambitions. 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.
The accelerated growth of our Partnerships segment, with new contracts signed and strong repeated business, has enhanced our reputation as a public sector partner of choice. 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. Glenveagh has built strong relationships with state agencies and stands ready to deliver more high-quality Partnership homes.
The Programme for Government’s target is to deliver 300,000 homes by the end of 2030. Critical to meeting this target will be the availability of adequately zoned land and sustained public sector supports and investment in necessary infrastructure. 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.
From our perspective, we look forward to our leading role in increasing housing supply in Ireland. With an enhanced landbank, high performing and efficient teams, and a strong track record of delivery, we are confident in our ability to sustain the excellent momentum we have built, delivering for all of our stakeholders."
