Glenveagh Properties has reported a remarkable year of growth in 2024, with significant increases in revenue, profits, and housing completions.
The company's success has been largely driven by the rapid expansion of its Partnerships business segment, reinforcing its position as a leading homebuilder in Ireland.
For the year ending December 2024, Glenveagh's revenue surged by 43% to €869.2m, up from €607.9m in 2023.
Profits before tax more than doubled, increasing by 107% to €113.8m from €55.1m the previous year.
The company also achieved a record number of housing completions, delivering 2,415 units—a 77% increase compared to the 1,363 units completed in 2023.
Further solidifying its growth trajectory, Glenveagh secured planning permission for 2,487 new homes, ensuring that its 2025 targets are fully approved.
Earnings per share rose by 112% to 17 cents, aligning with the company’s full-year guidance.
Additionally, Glenveagh strategically expanded its land portfolio, securing control over approximately 9,000 additional units across 14 sites.
This acquisition positions the company to deliver between 2,600 and 3,600 homes annually through 2029.
CEO Stephen Garvey described 2024 as a transformational year for the company, crediting its success to the execution of its "Building Better" strategy and its proactive approach to long-term growth.
"We scaled the delivery of high-quality, sustainable homes, embedded innovation and efficiencies across our operations, and strengthened our role as a trusted public sector partner," Garvey stated.
He emphasized that Glenveagh's enhanced landbank and integrated supply chain provide a higher level of certainty and control over future housing deliveries.
The company’s forward order book stands at €1.1bn, marking a 35% increase from March 2024, demonstrating strong demand and confidence in its operations.
Garvey also highlighted the importance of collaboration between public and private sectors in addressing Ireland’s housing crisis and reaffirmed Glenveagh’s commitment to delivering high-quality homes through strategic partnerships.
"Looking ahead, we are poised to play a leading role in increasing housing supply across Ireland.
“With an expanded landbank, high-performing teams, and a proven track record of delivery, we are confident in sustaining this positive momentum," Garvey concluded.
Photo: Conor Murtagh Chief Financial Officer at Glenveagh Properties PLC and Stephen Garvey, Chief Executive at the Glenveagh Properties PLC full year results for 2024. Photo Chris Bellew / Fennell Photography.
