Glenveagh Properties posts 50 per cent increase in home sales

Property corporation Glenveagh Properties has posted a 50 per cent increase in home sales.

The announcement follows after it emerged last month that both Cairn Homes and Glenveagh Properties had both applied to the High Court to seek a Judicial Review of the new Kildare County Development Plan for 2023 to 2029.

Glenveagh revealed that revenues for 2022 increased by 35 per cent to €644.7m from €476.8m, while profits before tax rose by 38 per cent to €63m from €45.7m the previous year.

In addition, it said it closed the sale of 1,354 suburban homes, up 50 per cent on the 902 units in 2021 and 90 per cent ahead of the 712 suburban units sold in 2019.

The company ended the year with a landbank value €458.5m, down from €562.7m in 2021.

Stephen Garvey, Glenveagh's chief executive, said about the news: "We made excellent progress in 2022 in driving strong growth in our key suburban business, strengthening our partnerships business and de-risking our urban land portfolio," Mr Garvey said.

"We have also demonstrated rigorous control of our costs, significant innovation in acquisitions to enhance our supply chain, and an optimised capital management programme that has returned over €250m to shareholders in two years," he added.

Mr Garvey further said that Glenveagh can deliver 'many more' homes if Ireland's planning system is reformed.

He explained: "The industry needs correct policy decisions and a planning framework that is designed for the types of homes that people want, and one which does not undermine the commercial viability of delivering more of these types of homes."

Glenveagh also noted that urban transactions completed during the year are expected to generate overall revenue of over €310m.

At present, urban assets make up around 13 per cent of the group's total landbank.