Glenveagh corporate | Press Release : Interim Results 2021
Stephen Garvey CEO of Glenveagh Properties PLC

26 August 2021

Business Results

Press Release : Interim Results 2021

Glenveagh Properties plc ("Glenveagh" or the "Group") a leading Irish homebuilder announces its Interim Results for the period ended 30 June 2021.


Speaking today, Stephen Garvey, CEO, said:

“Today’s results demonstrate the strength of our business proposition and are a testament to the hard work of the Glenveagh team and our partners. Despite the major headwinds caused by Covid-19, we have returned to profitability and increased our output. We have sold, signed, or reserved the 1,150 homes that we expect to deliver this year with a further 300 homes already reserved for next year. We’ve seen growth across our three core business segments and have made major strides in building a strong platform for future growth.

Ireland is in an accommodation crisis and needs upwards of 35,000 homes a year to keep pace with requirements. In Glenveagh, our focus is on getting supply into the system as quickly as possible and we have a clear path to our target of building 3,000 homes a year by 2024. By innovating and relentlessly focusing on getting affordable, sustainable homes into the market, we are confident that the business will continue to prosper and play its part in addressing one of the key social challenges of recent decades.”

Financial Highlights

Operational Highlights

  • 322 units closed in the period despite 13 week lockdown; +162% versus H1 2020
  • Completion of the Premier Inn hotel site sale in Castleforbes for approximately €16 million as part of a forward funding transaction of approximately €70 million
  • During the period, the Group secured its first Partnership agreement with Fingal County Council for a proposed development of 1,200 new homes at Ballymastone, Donabate in north County Dublin
  • Strong progress on the share buyback programme with 20.5 million shares purchased in the period and 26 million shares purchased to date
  • The Group acquired nine suburban sites for total consideration of approximately €52 million (excl. fees and tax) capable of delivering over 2,000 units
  • €4.2 million reversal of previous impairment charge in Marina Village with sales execution ahead of expectation
  • The Group currently has 20 active construction sites capable of delivering 4,700 units having opened five new sites in H1 2021 with further openings expected in H2

Current trading

  • All 1,150 units now sold, signed or reserved, with over 1,000 of those units either closed or with a binding contract in place
  • 300 units reserved for 2022 following recent launches
  • Average weekly private reservation rate per site +58% year to date
  • The Group has exchanged contracts on the sale of the residential and second hotel sites in Castleforbes for €78.5 million
  • Heads of Terms have been agreed to forward fund 320 urban apartments with completion expected within 6 months
  • Glenveagh is investing €16 million in a second timber frame facility and a soil recovery facility, which will allow for the sustainable growth of the business to 3,000 units and beyond while also controlling costs
  • The Group is delivering two of the State’s first ever cost rental transactions with Clúid Housing, an Approved Housing Body, in Taylor Hill, Balbriggan and Barnhall Meadows, Leixlip


2021 Interim Results Presentation

2021 Interim Results Report

Investor contacts

Michael Rice

Chief Financial Officer

michael.rice@glenveagh.ie

Chloe McCarthy

Group Company Secretary

chloe.mccarthy@glenveagh.ie

Media contacts

David Clerkin

+353 1 665 0454

david@gordonmrm.ie

Ray Gordon

+353 1 665 0450

ray@gordonmrm.ie

Media enquiries

glenveagh@gordonmrm.ie