Homebuilder Glenveagh Properties plc doubled turnover to €477m and booked a net profit of €38m in 2021, according to its final results announcement.
The company said 1,150 units were delivered in 2021 and that in 2022 the company is expecting to complete 1,400 suburban residences, along with construction activity on a further 500 apartments.
€300m of group revenue related to selling 977 new homes at an average selling price of €308,000. 173 units at Marina Village in Greystones were sold for €74m, at an average selling price of €430,000.
Glenveagh, which listed in 2017, has a focus on suburban housing, urban apartments, and partnerships with local authorities and state agencies. It says it has agreed two partnership agreements for the proposed development of over 2,050 homes with Fingal County Council and Dublin City Council.
Last year Glenveagh Properties acquired 12 new suburban sites for total consideration of c.€72m, with capacity for 2,700 new homes.
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Heads of terms were also signed for two forward fund transactions totalling over 500 urban apartments, and a forward purchase transaction signed for the company’s remaining 33 apartments in Marina Village.
Glenveagh doesn’t pay dividends but returns surplus capital to shareholders through share buybacks.
Two separate share buyback programmes were announced in 2021 totalling €175m, with €156m completed at the end of February 2022.
The company said it plans to extend the current share buyback programme by utilising the remaining share repurchase authorisation received at its EGM last December.
In the results statement, Glenveagh said the market backdrop remains favourable for the business due to the significant demand for affordable housing, the continued undersupply of any form of accommodation in the market, and the significant housing delivery commitments announced by the government as part of Housing for All.
"The group is targeting continued revenue and profit growth in 2022 which is underpinned by having all necessary sites operational to deliver 1,400 suburban units," said the company. "This continued growth in profitability will be alongside further balance sheet efficiency initiatives ensuring the business maximises returns for shareholders."
Chief executive Stephen Garvey commented: "We dealt effectively with the challenges of the pandemic and remain well-placed to deliver on our ambition of scaling the business to 3,000 units per annum.
"During 2021 we took major steps to insulate the business from longer-term structural shifts in the industry by investing further in our supply chain. We are combining greater scale with a more integrated supply chain, giving us enhanced certainty over more of our key inputs and driving more efficiencies throughout our business."
