Glenveagh sees revenue and output fall on back of restrictions

Glenveagh Properties generated revenue of €232 million last year while delivering 700 housing units.

While both these metrics were down on the previous year, the Dublin-listed housebuilder described the performance as “strong” in the context of the Covid-19 restrictions.

Construction on nearly all building sites was halted back in April and May during the first lockdown to contain the virus.

In its annual results for 2020, Glenveagh said the average selling price for a housing unit in 2020 was €311,000, down from €321,000 in 2019. This reflected the group’s focus on suburban starter-home schemes, it said.

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The sales generated an underlying core gross margin of 14 per cent, which it said, was in line with management’s expectations and reflects costs associated with Covid-19 safety measures and operating protocols.

The group recently announced a €500 million investment programme which it says will deliver 3,000 new homes across the country.

In late December, Glenveagh exchanged contracts for the sale of 132 units across two developments Bray, Co Wicklow and Leixlip, Co Kildare

The company also lodged a planning application in the Dublin Dockland in respect of its Castleforbes site for a further 702 units.

"In what started out as a challenging year we are pleased to conclude 2020 with considerable momentum and strong visibility on our target unit deliveries of 1,150 units1 for 2021," chief executive Stephen Garvey said. "Our focus on prioritising our people, customers and the communities in which we operate, leaves the group well placed to deliver on our ambitious medium-term growth objectives," he said.