Pre-tax profits at Glenveagh Properties more than doubled (+106%) last year as the homebuilder completed 2,415 houses.

The company said in a full-year trading statement that it made €113m in profit before tax in 2024, up from €55m a year prior.

Meanwhile, revenues increased €261m from €608m in 2023 to €869m, with public-private partnerships contributing revenue of €120m.

Gross profit increased 64% as a result, rising from €113m to €184m, and gross margin rose 265 basis point to 21.2%, with operating profit up 86% to €132m. Earnings per share rose 112% from eight cent to 17 cent in line with full-year guidance.

The company's net debt was €178m, down from €244m at the year's mid-point, and return on equity surged 730bps from 6.9% to 14.2%.

The 2,415 homes completed by Glenveagh represented an increase of 77% year-on-year from 1,363 a year ago. Of the total, 1,650 were suburban homes, up 24% from 1,328, and the value of the group's forward order book rose 48% to €950m.

The group's suburban segment generated €631m in revenue, primarily from 1,650-unit sales with an average selling price of €365,000, while the urban segment chipped in €118m.

"Our strong 2024 performance, with a notable 77% increase in new homes delivered to customers, reflects the value of our long-term investments in supply chain integration and public-private collaborations," said Stephen Garvey, CEO of Glenveagh

"Proactive decision-making, efficient cost management, and our focus on larger own-door housing sites have been key drivers and will underpin our continued success. The increase in gross margin to 21.2% in 2024 from 18.5% highlights our commitment to operational efficiency, innovation and cost management.

"Furthermore, the group's balance sheet strength and agile approach to capital allocation have meant we have been able to opportunistically invest in highly attractive Dublin-centric own-door sites that set the business up well for continued long-term success."

Two further partnerships added 451 units valued at €161m to the group's pipeline, and construction has commenced at all four of Glenveagh's partnerships sites.

"Through our carefully planned and structured Partnerships platform we have started to demonstrate how the public-private model can maximise collective experience and resources to deliver the homes the country needs at scale, while providing value for taxpayers. We remain excited about the growth potential for our Partnerships business," Garvey continued.

He added that there remains a serious challenge to housing delivery" without substantial additional capital from both the public and private sectors, adequate zoned land, and critical infrastructure to support new homes.

"The evidence from 2024 indicates that delivering the targeted 300,000 homes by 2030 requires a renewed impetus at all levels of the public and private sectors, and we look forward to continuing our collaboration to achieve this critical goal."

Furthermore, a €50m share buyback programme announced in September has been increased to €65m.

Photo: Stephen Garvey. (Pic: File)