Glenveagh continues progress as strong underlying demand provides support

Homebuilder Glenveagh Properties said it has continued to make good progress in the year to date, with strong underlying demand still supporting the company.

In a trading statement, the property company said 1,150 suburban units were either sold, signed or reserved for the 2023 financial year, with the urban business also on track. Glenaveagh has a contracted portfolio of about 700 apartments and 250,000sq ft of commercial space in hotels and offices, and is negotiating with State agencies on urban developments for delivery from 2024.

The group said it had made good progress in partnerships, and expected final approval for Oscar Traynor Road by the third quarter. Its Ballymastone project, which was granted final approval in the first quarter, is subject to a judicial review application.

To date in the financial year, the group has been granted permission for approximately 3,400 units across 15 applications, with 2,000 in post-grant appeal periods.

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Chief executive Stephen Garvey said the company had made good progress in the year so far, with an advancing order book, strong market demand, improved planning momentum and increased Government impetus around demand and supply side initiatives.

“This supports our confidence around delivering our short and medium term goals, with our Return on Equity target of 15 per cent in 2024 continuing to be our key capital metric,” he said. “Operationally, our programme of site openings is progressing very well with more to come in the second half of the year. The teams and capabilities are in place to deliver large-scale suburban and urban projects efficiently, and the standardisation of process and product across the business will be supported by our three offsite manufacturing facilities in Wicklow, Carlow and Louth.”

The company is holding its annual general meeting later on Thursday in Dublin.

Mr Garvey also noted the planning environment was improving, in particular the LRD planning process.

“But there remains plenty to do to ensure the country can accelerate housing supply in coming years. Providing ample resourcing to planning bodies, local authorities and utility companies in the near term is critical for the sustainable delivery of increased housing supply,” he said. “The industry also needs a national planning framework that accurately reflects present and future population requirements, supporting viability and designed for appropriately located homes that people want and need.”

The group also reiterated its 2023 guidance, with earnings per share expected of 7.5-8 cent. It will report its first half results on September 14th.

More than €50 million has been returned to shareholders through a buyback programme that began on January 6th.