Glenveagh Experiences Significant Revenue Growth and Expands Housing Delivery
Glenveagh Properties, a prominent Irish housebuilder, has reported a substantial increase in revenue for 2024, marking a significant milestone in its growth trajectory. The company’s CEO, Stephen Garvey, highlighted the firm’s financial achievements following its initial public offering (IPO) on the Euronext Dublin exchange in 2017. This IPO was part of a wave of public equity initiatives aimed at domestic investments, alongside other notable companies such as Greencoat Renewables, Cairn Homes, Dalata, and Ires Reit.
Despite the cessation of new equity raising in the market, Glenveagh has continued to thrive. The company’s Chief Financial Officer, Conor Murtagh, emphasized the value of maintaining its public listing, citing benefits such as transparency, credibility, and trust. Although Glenveagh is self-funded and has not required additional equity since its IPO, its status as a public limited company is integral to its ongoing expansion.
As of yesterday, Glenveagh’s stock was slightly down at €1.486 per share, reflecting a market capitalization of €820 million. At the end of the previous year, the company reported assets valued at €1.2 billion and a debt of €179 million. The firm’s financial results revealed a record revenue of €869 million for the past year, a significant increase from €608 million the year before. This growth was driven by an accelerated delivery of suburban starter homes and partnerships with state-backed housing agencies.
Glenveagh completed 2,415 homes during the year, representing a 77% increase from the previous year, contrasting with the broader market trend where home completions slightly declined in 2024. The company’s partnerships division, which collaborates with clients like the Land Development Agency (LDA), anticipates a substantial increase in sales this year, projecting recurring annual revenue of approximately €400 million. The division generated €120 million in sales last year, a notable rise from €17 million in 2023.
Looking ahead, Glenveagh aims to exceed 1,500 home completions in 2025, with plans to increase this to 1,900 by 2027. The company possesses a landbank capable of delivering approximately 9,000 additional units across 14 sites, supporting the delivery of 2,600 to 3,600 equivalent units annually through 2029. Efficiency improvements are being driven by Glenveagh’s offsite manufacturing facility, NUA, which produced 2,030 timber-frame and light-gauge steel units last year. The facility has the capacity to support the construction of over 2,500 homes annually.
The outlook for Glenveagh is exceptionally positive, bolstered by strong demand, policy visibility, and the company’s proven ability to deliver primarily own-door housing. CEO Stephen Garvey stated, “We have scaled the delivery of high-quality sustainable homes, embedded innovations and efficiencies across our operations, and established Glenveagh as a preferred public sector partner.”
Glenveagh’s strategic partnerships and innovative approaches position it well for continued success in the Irish housing market, with a focus on sustainable growth and meeting the evolving needs of the community.
